KPN, iBasis finally come to terms

At long last, KPN says it has reached what they say is the final increased tender offer agreement to purchase the outstanding shares in iBasis for $3.00 in cash per share. After a long battle between both companies over the proposed price, a Special Committee of iBasis's Board of Directors voted to approve the agreement and to advise that its stockholders tender their shares in KPN's tender offer.

According to the two companies, the final $3.00 per share 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) and a 158.8 percent over the $1.16 average closing price for the three months before the initial tender offer was made. It was a 32.7 percent premium over the $2.26 the company's closing price on Friday, November, 20th. Right now, KPN owns about a 56 stake in iBasis, and the sale to buy the remaining 44 percent share is priced about $93.3 million at the $3.00 per share price.

In addition to accepting the final offer, KPN and iBasis agreed to dismiss the suits they both filed against one another in the Delaware Court of Chancery and the United States District Court for the Southern District of New York. Upon closing of the deal, iBasis will continue to operate out of its Burlington, Massachusetts headquarters.

For more:
- see the release here
- Wall Street Journal has this article

Related articles
iBasis continues to mull KPN's upgraded offer
KPN ups ante to purchase rest of iBasis
KPN sets October deadline for iBasis bid
iBasis wins latest match in preventing KPN's takeover
KPN maintains pursuit of iBasis

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