KPN extends unsolicited tender offer for iBasis; court battles go on

By Lisa Kerner

Charlotte, N.C., Aug. 21 - Royal KPN BV extended its tender offer for iBasis, Inc. shares to midnight ET on Oct. 23 in order to continue fighting iBasis' poison pill in court.

The offer, which began July 28, was set to expire on Monday.

KPN said it believes the poison pill violates iBasis' own bylaws and the terms under which KPN acquired its interest in the company.

iBasis has filed counterclaims against KPN.

The Delaware Court of Chancery will hold a hearing on both companies' claims on Oct. 8 and Oct. 9, according to a KPN news release.

As previously reported, iBasis filed a compliant in U.S. District Court for the Southern District of New York against KPN alleging KPN violated federal securities laws in its tender offer for iBasis.

In the complaint, iBasis seeks declaratory and injunctive relief to stop KPN's unsolicited tender offer to acquire all of the outstanding shares of iBasis common stock for $1.55 each in cash. iBasis believes the offer is "grossly inadequate."

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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