KPN verhoogt bod op iBasis met 45%
Nieuwe zet in het schaakspel KPN tegen iBasis, het aanbod wordt van $1,55 per aandeel verhoogt naar $2,25 per aandeel.
KPN believes that the increased purchase price is a full and fair price for the shares held by iBasis’ public stockholders. The new purchase price of $2.25 per share presents a premium of 45.2 % over KPN’s previous offer of $1.55 per share, 73.1% over the closing price of the shares on July 10, 2009 (the last trading day prior to the announcement of the tender offer) and 93.9% over the average closing price during the three months prior to the announcement of the tender offer. KPN currently owns a stake of approximately 56% in iBasis. The minority stake of approximately 44% not owned by KPN would be valued at $70.0 million at the $2.25 per share offer price.
KPN continues to believe that this transaction represents a unique opportunity for iBasis shareholders to realize liquidity. KPN also believes that private ownership will assist iBasis in reaching its operational and strategic objectives, given the current challenging economic and competitive environment facing iBasis.
KPN continues to pursue its counterclaims which seek to invalidate the “poison pill” purportedly adopted by iBasis. KPN believes that iBasis’ “poison pill” is a clear violation of iBasis’ own bylaws and the terms of the agreement pursuant to which KPN acquired its interest in the company. The Delaware Court of Chancery will hold a hearing on these claims on October 8 and October 9, 2009.
