The ongoing war between iBasis and KPN, which has been trying since this past summer to purchase the rest of its stake in the wholesale voice competitor, is once again heating up as the Dutch incumbent telco said it has increased its acquisition bid for the rest of the shares it owns in iBasis from $1.55 to $2.25 per share. Previously, iBasis dismissed KPN's initial bid as too low and then took legal action to prevent the Dutch operator from taking over the company.
This new offer, which is good through Oct. 23, currently values the remaining 44 percent that KPN does not own in iBasis at $70 million. In addition, KPN maintains it will continue to ‘fight the poison pill measures introduced by iBasis.' A Delaware court will hear the case later this week (Oct. 9).
In response to KPN's latest offer, the Special Committee of iBasis' board of directors issued a statement this morning saying it will review and evaluate the revised offer and advise stockholders about potential next steps. The Special Committee said that iBasis' stockholders should ‘consider the Special Committee's recommendation before taking any action with respect to KPN's revised offer.'
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