KPN closing deal for iBasis

KPN has reached an agreement with iBasis to buy the remaining 44 percent share of the long distance telephone call and VoIP wholesale provider for $3 a share or $93 million in cash. iBasis' board has approved the terms--urging shareholders to finally accept the tender offer. KPN plans to complete the acquisition by the end of the day.

KPN's final offer had increased from its original $2.25 a share offer it made in October. The final offer was 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). The Dutch telco already owns about a 56 percent share of iBasis. 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.

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