Arguments about KPN's unsolicited tender offer for iBasis to be heard in court starting Oct. 8

By Lisa Kerner

Charlotte, N.C., Aug. 17 - The Delaware Court of Chancery on Friday rejected Royal KPN NV effort to stay iBasis, Inc.'s discovery, according to an iBasis news release.

iBasis said it is seeking declaratory and injunctive relief to stop KPN's "grossly inadequate tender offer." KPN, with a 56% stake in iBasis, began a $1.55-per-share tender offer for the remaining iBasis shares on July 28.

In addition, the court rejected KPN's request that the court hear, on an expedited basis, KPN's arguments regarding iBasis' stockholder rights plan.

According to iBasis, the court will hold a hearing on Oct. 8 and Oct. 9 on the issues iBasis and KPN have before the court.

iBasis filed a complaint against KPN claiming fraud and breach of KPN's fiduciary duties to iBasis and its minority stockholders.

As previously reported, iBasis' special committee recommended that shareholders reject the tender offer, which expires on Aug. 24.

KPN is a telecommunications company based in Amsterdam.

iBasis is a voice carrier and wholesale provider of voice, mobile data and prepaid calling products and services. It is based in Burlington, Mass.

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