Net2Phone's Independent Committee Responds to IDT
2005年7月7日 - 9:30PM
ビジネスワイヤ(英語)
The independent committee of the Board of Directors of Net2Phone
(NASDAQ: NTOP) responded yesterday to IDT's offer to acquire all of
the outstanding shares of Net2Phone stock it does not presently own
for $1.70 per share announced on June 28, 2005. The response was
contained in a letter from the independent committee's legal
counsel, Stephen Fraidin of Kirkland & Ellis, to Ira
Greenstein, President of IDT. The letter stated: -0- *T "Dear Mr.
Greenstein: I have been authorized by the committee of independent
directors of Net2Phone, Inc. (the "Independent Committee") to
respond on behalf of that committee to the letter sent by you, on
behalf of IDT, stating that the Board of Directors of IDT has
approved an offer (the "Proposed 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. The Independent
Committee, after reviewing the Proposed Offer, has concluded that
the Proposed Offer is not acceptable. Please be advised that the
Independent Committee invites you and other representatives of IDT
to meet with the Committee and its advisors to discuss this
situation. The Committee is in the process of retaining an
impartial valuation firm to assess the value of the Net2Phone
intellectual property assets. Also, please advise the Independent
Committee whether IDT would be willing to sell its shares in
Net2Phone to a third party, if that third party were willing to
acquire all of Net2Phone. Regards, Stephen Fraidin" *T 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.
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