Key Developments For iBasis, Inc.
iBasis, Inc. (IBAS.O) (Consolidated Issue listed on NASDAQ Global Market)
Koninklijke KPN N.V. And iBasis, Inc. Reach Agreement On Tender Offer
Koninklijke KPN N.V. and iBasis, Inc. announced that they have entered into a settlement agreement under which Koninklijke KPN N.V. will make a last and final increase of its offer for the outstanding shares in iBasis not otherwise held by Koninklijke KPN N.V. to $3.00 per share in cash. Koninklijke KPN N.V. currently owns a stake of approximately 56% in iBasis. The minority stake of approximately 44% not owned by Koninklijke KPN N.V. would be valued at $93.3 million at the $3.00 per share last and final offer price. Koninklijke KPN N.V. believes the transaction represents a unique opportunity for iBasis stockholders to realize liquidity at a meaningful premium to recent trading prices of iBasis shares. In connection with the settlement agreement, Koninklijke KPN N.V. and iBasis also have agreed to the dismissal with prejudice of all claims in the litigation pending between the parties in the Delaware Court of Chancery and the United States District Court for the Southern District of New York. In addition, iBasis has agreed to terminate its July 30, 2009, stockholder rights plan. Koninklijke KPN N.V. will amend its existing tender offer to reflect the last and final price of $3.00 per share, extend the expiration of the tender offer to midnight, New York City time, on December 8, 2009, and reflect the other terms of the settlement agreement.
SEC Closes Investigation Into iBasis, Inc.'s Option Granting Practice
iBasis, Inc. announced it has been notified by the staff of the Securities and Exchange Commission (SEC) that the agency has terminated its investigation into the Company's past stock option grant practices, and that the staff does not intend to recommend any enforcement action against the Company, or any of its current or former Officers or Directors.
iBasis, Inc.'s Pingo Introduces Pingo EZ Dial
Pingo, the prepaid international calling service from iBasis, Inc. announced Pingo EZ Dial, a new smartphone application that delivers automatic access to discount international calling rates for users of mobile devices including the iPhone, Blackberry, Treo and phones using operating systems such as Nokia Symbian, Windows Mobile and Google Android.
iBasis, Inc. Reaffirms H2 2009 EBIDA Guidance
iBasis, Inc. announced that for second half of 2009, it expects adjusted EBITDA to be moderately higher than in the first half of 2009.
Koninklijke KPN N.V. Extends Tender Offer For iBasis, Inc.
Koninklijke KPN N.V. announced that it has extended its cash tender offer to acquire all the outstanding shares of common stock of iBasis, Inc., (iBasis) not otherwise held by Koninklijke KPN N.V. The tender offer will now expire at midnight, New York City time, on November 20, 2009, unless further extended. All other terms and conditions of the tender offer remain unchanged. As of the close of business on October 19, 2009, approximately 39,399 shares have been tendered in and not withdrawn from the tender offer.
