IDT Corporation Announces Commencement of Tender Offer for Outstanding Stock Options; Holders of Outstanding Stock Options to Re
February 01 2006 - 7:30AM
Business Wire
IDT Corporation (NYSE:IDT, IDT.C) today announced that it has
commenced an offer to purchase from eligible optionees outstanding
stock options to purchase shares of IDT Class B common stock for
$2.00 per share in cash. The expiration date for the tender offer
is 5:00 p.m., New York City time on Friday, March 24, 2006, unless
the offer is extended or withdrawn. On the expiration date, all
validly tendered options not previously withdrawn will be accepted
for purchase pursuant to the terms of the offer and paid for
promptly thereafter. As of January 31, 2006, there were outstanding
options to purchase 15,139,743 shares of IDT Class B common stock
that were eligible to be tendered in the tender offer. This press
release is intended for informational purposes only and is not an
offer to buy, a solicitation of an offer to sell or a
recommendation to sell any options to purchase shares of Class B
common stock. The solicitation of offers to sell options to
purchase shares of Class B common stock is made pursuant to a
tender offer statement on Schedule TO, an offer to purchase and
related materials filed with the SEC. Holders of options are urged
to read the tender offer statement, the offer to purchase, and
other relevant documents filed with the SEC because they contain
important information. Holders of options can obtain the tender
offer statement and other publicly filed documents without charge
from the web site maintained by the SEC at www.sec.gov or from IDT
without charge by directing a request to IDT Corporation, 520 Broad
Street, Newark, New Jersey, Attention: Investor Relations,
Telephone: (973) 438-1000. A copy of this press release will be
available on IDT's website at www.idt.net in the "About IDT" Press
Releases section. IDT Corporation, through its IDT Telecom
subsidiary, is a facilities-based, multinational carrier that
provides a broad range of telecommunications services to retail and
wholesale customers worldwide. IDT Telecom, by means of its own
international telecommunications backbone and fiber optic network
infrastructure, provides its customers with integrated and
competitively priced international and domestic long distance and
domestic all-distance telephony and prepaid calling cards. IDT
Entertainment is the IDT subsidiary that is focused on developing,
acquiring, producing and distributing computer-generated and
traditionally animated productions and other productions for the
film, broadcast and direct-to-consumer markets. IDT Capital is the
IDT division principally responsible for IDT's initiatives in radio
broadcasting, brochure distribution and new technologies.
Net2Phone, Inc., a subsidiary of IDT Corporation, is a provider of
high-quality global retail Voice over IP services and offers a
fully outsourced cable telephony service to cable operators
allowing cable operators to provide residential phone service to
their subscribers. IDT Corporation's Class B Common Stock and
Common Stock trade on the New York Stock Exchange under the ticker
symbols "IDT" and "IDT.C," respectively.
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