iBasis dismisses KPN's revised buyout offer

KPN continues to up its price for its remaining stake in iBasis, but once again the Burlington, Mass. service provider has rejected the Dutch operator's unsolicited offer of $2.25 per share in cash for the outstanding shares. In a statement, iBasis said the price KPN offered was "grossly inadequate, opportunistic and not in the best interest of iBasis' minority stockholders."

An iBasis Special Committee decision to not accept the revised offer was made after careful consideration--which included the review of the financial aspects of KPNs revised offer--in conjunction with its independent financial and legal advisors, Jefferies & Company, Inc. and Gibson, Dunn & Crutcher LLP, respectively.

iBasis has told its stockholders not to accept KPN's revised offer and not tender their shares to the revised offer. After iBasis turned down KPN's first bid, KPN upped its price to $2.25 from $1.55. Currently, KPN owns a 56 percent stake in iBasis.

For more:
- see the release here

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