KPN makes final offer on iBasis

KPN, a Dutch telecom group, improved its terms for the takeover of wholesale voice provider iBasis.

KPN made its final offer for 44 percent of IBasis shares for $3 a share in cash. This represented an increase from its original $2.25 a share offer it made last month. iBasis provides international long distance telephone calls and retail prepaid calling services to mobile operators. It carries billions of voice minutes a year.

The final offer is a 130.8 percent premium over the $1.30 closing price of iBasis shares on July 10, 2009 (the last trading day before KPN made its initial tender offer). KPN currently owns about a 56 percent share of iBasis and this final offer will complete its ownership. As part of the deal KPN and iBasis are dismissing the suits they filed against each other in the Delaware Court of Chancery and the United States District Court for the Southern District of New York--sounds a little like that deal Skype and eBay worked out doesn't it?

For more:
- see the release here [1]

Related articles
iBasis continues to mull KPN's upgraded offer [2]
KPN ups ante to purchase rest of iBasis [3]
KPN sets October deadline for iBasis bid [4]