KPN maintains pursuit of iBasis

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.

For more:
- Reuters has this report

Related articles
KPN not budging on offer for iBasis
KPN makes move to buy remaining stake in iBasis

Suggested Articles

Working with Comcast Business and Megaport, EdgeConneX has launched local cloud on-ramp services for enterprises in the Memphis area.

HPE is fully embracing the "as a service" model by pledging to deliver its entire portfolio as a service by 2022.

Ahead of a slowdown on its fiber build outs, AT&T plans to cut 1,800 jobs from its wireline division by August or September.