KPN gives iBasis shareholders 10 more days to sell

AP News
Posted: Dec 09, 2009 2:33 PM

Dutch telecommunications company KPN NV said Wednesday it has extended its cash offer of $3 per share for stock of iBasis Inc., a Massachusetts-based wholesale international long distance carrier, until Dec. 18.

The tender offer for the 44 percent of iBasis shares KPN did not already own was announced Nov. 23. It settles a lawsuit by iBasis against KPN, which called a previous offer for $1.55 per share "grossly inadequate."

The original deadline for the deal was Tuesday. However, the number of shares tendered fell short of the 90 percent required to force the deal to go through.

Shares of iBasis slipped a penny to $2.99 in afternoon trading.