Shares of telecom services provider, iBasis, Inc. (Nasdaq: IBAS) were up more than 24 percent today, after news of a $48mln bid for 44 percent of the company’s outstanding shares from Dutch telecommunications giant, Koninklijke KPN.
The $1.55-per-share offer equated to a 19.2 percent premium over iBasis’ July 10 closing price.
iBasis operates as a wholesale carrier of international long distance telephone calls, and a provider of retail prepaid calling services and enhanced services for mobile operators worldwide.
iBasis had 71.2 million common shares outstanding, as of March 31st. In October 2007, iBasis received $55 million in cash from KPN in exchange for 40.1 million shares of its common stock.
KPN already owned about 40.1 million shares, or a 56.3 percent stake, in the Burlington, Mass.-based iBasis prior to making the bid. KPN’s latest bid indicates its intention to commence a tender offer to increase KPN’s equity ownership to up to 100 percent.
iBasis said its board will form a special committee of independent directors to consider the bid.