Net2Phone (NASDAQ:NTOP)
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From Jun 2019 to Jun 2024
Net2Phone, Inc. (NASDAQ:NTOP), a leading Voice over IP
(VoIP) enabler for service providers, announced today that it has
received a letter from IDT Corporation notifying the Net2Phone Board
of Directors that IDT intends to make an offer to purchase all
outstanding shares of common stock of Net2Phone not owned by IDT or
its affiliates, at a price of $1.70 per share, net to the sellers in
cash, without interest. IDT states that it currently, directly and
indirectly, owns securities representing approximately 41% of
Net2Phone's outstanding equity securities and approximately 57% of the
total voting power of Net2Phone's outstanding equity securities.
In light of the relationship between Net2Phone and IDT, the Board
of Directors of Net2Phone formed a committee of independent directors
in 2004 to review, evaluate and approve or disapprove of agreements
and other material issues arising from time to time between IDT and
Net2Phone. The Independent Committee has retained The Blackstone Group
as its financial advisor and Kirkland & Ellis LLP as its legal
counsel. The Independent Committee intends to carefully review the IDT
proposal and potential alternatives and will respond to the proposal
upon completion of its review. However, there can be no assurance as
to the timeframe for the Independent Committee process nor whether any
transaction will result.
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.