KPN is not backing down in its fight to acquire its remaining stake in wholesale VoIP provider iBasis. The Dutch telco, which currently owns a 56 percent stake in the company, argues that the lawsuit iBasis filed last week is "baseless" and is nothing more than a move to prevent it from making a tender offer for the shares it owns. While iBasis maintains that KPN's proposed $48 million offer is "grossly inadequate," KPN said that the offer is fair and that iBasis would be a stronger company if KPN assumed control.
KPN this week filed a counterclaim against iBasis in Delaware Chancery Court arguing that that the court should remove the "poison pill" measures adopted by iBasis' management.
"The "poison pill" is a clear violation of iBasis' own bylaws and the terms of the agreement pursuant to which KPN originally acquired its interest in iBasis and as such, it is not valid," KPN said in a statement.
- Reuters has this report
KPN not budging on offer for iBasis
KPN makes move to buy remaining stake in iBasis