Net2Phone and IDT sign a merger agreement
Source: voipcentral.org
IDT Corporation and Net2Phone have signed a merger agreement under which IDT acquires Net2Phone. According to the terms and condition described in the agreement, NTOP Acquisition, a subsidiary of IDT would merge with and into Net2Phone and Net2Phone would continue as the surviving corporation. If the merger takes place, each issued and outstanding share of common stock and Class A common stock of Net2Phone would be cancelled and converted automatically into the right to receive $2.05 in cash without interest. It is the same price per share which was paid by IDT in its tender offer for Net2Phone common stock that expired after an offer period on January 27, 2006 in which IDT acquired 31.6 million Net2Phone shares. Following merger, Net2Phone would become a privately held, wholly owned subsidiary of IDT and the shares of Net2Phone common stock would seize to be quoted on the Nasdaq. Both the Net2Phone board of directors have unanimously approved the transaction following the recommendation of the Independent Committee of the Net2Phone board of directors and IDT board of directors.
via [Businesswire]
