IDT Corporation Extends the Expiration Date of Its Exchange Offer
December 20 2010 - 6:50PM
Business Wire
IDT Corporation (NYSE: IDT, IDT.C) today extended the expiration
date of its previously announced exchange offer of its outstanding
Common Stock (NYSE: IDT.C) for shares of Class B Common Stock
(NYSE: IDT).
The deadline for tendering shares of Common Stock in the
exchange offer has been extended from 5:00 p.m. EST, on Tuesday,
January 4, 2011, to 5:00 p.m. EST, on Tuesday, January 18,
2011.
IDT is extending the offer to exchange for the following
reasons: (i) today it filed with the Securities and Exchange
Commission a revised Offer to Exchange revising its disclosure
previously set forth in the Offer to Exchange and mailed to
stockholders in order to respond to comments received from the SEC;
(ii) there were logistic issues in mailing the exchange offer
materials to stockholders and IDT wants to ensure that all holders
have sufficient time to read the materials, make their
determinations and tender if they so desire; and (iii) IDT
recognizes that stockholders may be away during the upcoming
holiday season and therefore may be unable to tender their shares
prior to the original expiration date.
IDT Corporation has been advised that as of 5:00 p.m., EST, on
December 20, 2010 approximately 696 shares of its Common Stock had
been tendered in the exchange offer. Tenders of shares of Common
Stock must be made, and may be withdrawn, at any time prior to the
expiration of the exchange offer.
The exchange offer is made upon the terms and conditions set
forth in the Offer to Exchange dated December 2, 2010 and revised
as of December 20, 2010, and the related Letter of Transmittal,
which have been filed with the Securities and Exchange
Commission.
Holders of our Common Stock should read the exchange offer
documents as revised because they contain important information.
Stockholders can get the exchange offer documents without charge
from the website of the SEC at www.sec.gov.
Forward-Looking Statements
In this press release, all statements that are not purely about
historical facts, including, but not limited to, those in which we
use the words “believe,” “anticipate,” “expect,” “plan,” “intend,”
“estimate, “target” and similar expressions, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. While these forward-looking statements
represent our current judgment of what may happen in the future,
actual results may differ materially from the results expressed or
implied by these statements due to numerous important factors,
including, but not limited to, those described in our most recent
report on SEC Form 10-K (under the headings “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations”), which may be revised or supplemented in
subsequent reports on SEC Forms 10-Q and 8-K. We are under no
obligation, and expressly disclaim any obligation, to update the
forward-looking statements in this press release, whether as a
result of new information, future events or otherwise.
Exchange Offer Statement
This press release is for informational purposes only and is
neither an offer to buy nor the solicitation of an offer to sell
any shares. The exchange offer will be made solely by a definitive
Offer to Exchange, related Letter of Transmittal and other related
documents that IDT is sending to its holders of Common Stock. Each
holder of our Common Stock is urged to consult their tax advisor as
to the particular tax consequences of the exchange offer to such
stockholder. The materials have been included as exhibits to IDT’s
exchange offer statement on Schedule TO/ Schedule 13E-3, which was
filed with the Securities and Exchange Commission. These exchange
offer materials contain important information that stockholders are
urged to read carefully before making any decision with respect to
the offer. Investors may obtain copies of these documents for free
from the Securities and Exchange Commission at its website
(www.sec.gov).
About IDT Corporation:
IDT Corporation (www.idt.net) is a consumer services company
with operations primarily in the telecommunications and energy
industries. 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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