After a long and sometimes bitter battle, KPN finally reached an agreement with iBasis to buy the remaining 44 percent share of the VoIP wholesale provider for $3 a share or $93 million in cash. iBasis' board has approved the terms--urging shareholders to finally accept the tender offer.
In November, a Special Committee of iBasis's Board of Directors, accepted KPN's revised offer, an almost $2 a share increase from the original $1.55 a share offer the Dutch telco made in July. KPN's final offer was 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). The Dutch telco already owns about a 56 percent share of iBasis. As part of the deal, KPN and iBasis are dismissing the suits they filed against each other in the Delaware Court of Chancery and the United States District Court for the Southern District of New York.
With the deal complete, KPN has appointed a new management to lead iBasis' growth strategy. Now a KPN subsidiary, iBasis' new management team will be headed up by John van Vianen as CEO of iBasis. Paul Floyd, iBasis' former Sr. VP of Products, Operations, and Network, becomes the company's Chief Operating Officer; Edwin van Ierland, formerly Sr. VP of Global Sales and Purchase, has been named Global Sales Officer. Meanwhile, Chief Financial Officer Dick Tennant, Chief Legal Officer Mark Flynn, and Vice President of Global Human Resources Tamah Rosker remain in their current roles.
KPN also appointed new members to iBasis' Board of Directors. The board now consists of Eelco Blok who has joined the board as chairman, while Joost Farwerck and John van Vianen have become directors.
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