KPN And iBasis Reach Agreement On Increased Tender Offer

Dutch telecommunications company Royal KPN NV (KPN.AE) said Monday that it has reached an agreement with U.S.-based iBasis Inc (IBAS) on an increased tender offer of $3 per share for the remaing outstanding shares of iBasis.

MAIN FACTS:

-The last and final offer price of $3.00 per share represents a premium of 130.8% over the $1.30 closing price of iBasis shares on July 10, 2009.

- iBasis's Special Committee recommends that iBasis Stockholders Accept KPN's Last and Final Offer of $3.00 per share in Cash.

-KPN currently owns a stake of approximately 56% in iBasis. The minority stake of approximately 44% not owned by KPN would be valued at $93.3 million at the $3.00 per share last and final offer price.

-In connection with the settlement agreement, KPN and iBasis also have agreed to the dismissal with prejudice of all claims in the litigation pending between the parties in the Delaware Court of Chancery and the United States District Court for the Southern District of New York.

-In addition, iBasis has agreed to terminate its July 30, 2009 stockholder rights plan.

- By Amsterdam Bureau, Dow Jones Newswires; amsterdam@dowjones.com

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