Shareholders tender 0.25% of iBasis' shares in Royal KPN offer so far

By Lisa Kerner

Charlotte, N.C., Aug. 24 - iBasis, Inc. shareholders have tendered about 75,775 shares, or less than 0.25% of the company's stock, in Royal KPN NV's offer as of Friday, according to an iBasis news release.

KPN recently extended the offer to Oct. 23 from Aug. 24.

"The very low number of shares tendered into KPN's offer unequivocally demonstrates that iBasis stockholders believe that KPN's unsolicited offer is grossly inadequate and significantly undervalues the company's current performance and long-term prospects," W. Frank King, chairman of iBasis' special committee, said in the release.

According to King, iBasis' stock has "consistently traded far above KPN's offer price."

The special committee recommended that iBasis' shareholders reject KPN's $1.55-per-share cash offer.

As previously reported, KPN is fighting iBasis' poison pill in court.

The Delaware Court of Chancery will hold a hearing on claims filed by KPN and iBasis on Oct. 8 and Oct. 9, according to a KPN news release.

iBasis also 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.

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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