IDT Responds to Net2Phone's Independent Committee
July 08 2005 - 8:30AM
Business Wire
The independent committee of the Board of Directors of Net2Phone
(NASDAQ: NTOP) received yesterday the response by IDT to the letter
delivered to IDT on July 6, 2005, by the Independent Committee of
the Board of Directors of Net2Phone. The response was contained in
a letter from Abbe Dienstag of Kramer Levin Naftalis & Frankel
LLP, legal counsel to IDT, to the independent committee's legal
counsel, Stephen Fraidin of Kirkland & Ellis LLP. If a tender
offer of Net2Phone shares is commenced, stockholders are urged to
read Net2Phone's solicitation/recommendation statement on Schedule
14D-9, which would be filed with the Securities and Exchange
Commission (SEC), because it will contain important information.
Investors can obtain a free copy of the solicitation/recommendation
statement and any amendments to that statement, if and when
available, and all other filings by Net2Phone with the SEC at
www.sec.gov. The letter stated: "Dear Steve: Ira Greenstein,
president of our client IDT Corporation, is in receipt of your
letter of July 6, 2005 and has asked that we respond.
Representatives of IDT would be pleased to meet with the
independent committee of the board of directors of Net2Phone, Inc.
and its advisors to discuss IDT's offer to acquire the shares of
Net2Phone not already owned by IDT and its affiliates. Please let
us know when the committee would be prepared to convene such a
meeting, so that we can schedule a mutually convenient time. On
behalf of IDT we advise the committee that IDT is not interested in
selling its shares in Net2Phone to a third party. Sincerely yours,
Abbe Dienstag" About Net2Phone Net2Phone provides VoIP PacketCable,
SIP and wireless solutions around the world. As a leader in
turn-key hosted VoIP telephony services, Net2Phone has routed
billions of VoIP minutes globally, servicing more than 100,000
users in the US as well as hundreds of thousands of more overseas.
Net2Phone provides partners with a SIP-based broadband telephony
solution, calling cards, prefix dialing and enterprise services in
over 100 countries. Net2Phone's PacketCable platform provides cable
operators with the ability to deliver a high quality primary
line-type service with features such as emergency calling. For more
information about Net2Phone's products and services, please visit
www.net2phone.com. This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements involve risks and uncertainties
and actual results could differ materially from those discussed in
the forward-looking statements. For this purpose, any statements
contained in this press release that are not statements of
historical fact may be deemed to be forward-looking statements.
Certain factors may affect the Company's results, including those
discussed in this Press Release and in the Company's filings with
the Securities and Exchange Commission. All forward-looking
statements and risk factors included in this document are made as
of the date hereof, based on information available to the Company
as of the date thereof, and the Company assumes no obligation to
update any forward-looking statement or risk factors.
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