[November 23, 2009] KPN agrees final cash offer of USD3.00 per share for iBasis Inc Tweet (EquityBites Via Acquire Media NewsEdge) Dutch telecoms company KPN B.V. and US-based iBasis Inc (NASDAQ:IBAS) reported on Monday that they have reached agreement on a tender offer by KPN for the outstanding shares in iBasis. Under this settlement agreement KPN will make a last and final increase of its offer for the outstanding shares in iBasis not otherwise held by KPN to USD3.00 per share in cash. This offer reportedly represents a premium of 130.8% over the USD1.30 closing price of iBasis shares on 10 July 2009, 158.5% over the USD1.16 average closing price during the three months prior to the tender offer and a 32.7% premium over the closing price of USD2.26 on 20 November 2009. Â KPN currently owns a stake of approximately 56% in iBasis. The minority stake of approximately 44% not owned by KPN would be valued at USD93.3m at the USD3.00 per share last and final offer price. Â Approximately 491,707 shares of iBasis have been tendered in and not withdrawn from the tender offer as of midnight on 20 November 2009. In conjunction with the settlement agreement, the two companies will dismiss all claims in the litigation pending in the Delaware Court of Chancery and the United States District Court for the Southern District of New York. ((Comments on this story may be sent to [email protected])) (c) 2009 M2 COMMUNICATIONS [ Back To TMCnet.com's Homepage ]