KPN responds to lawsuit by iBasis, asks court to invalidate iBasis’ 'poison pill'

August 13, 2009

1 Min Read

WILMINGTON, Del. -- KPN B.V. (“KPN”) today announced that it filed an answer in Delaware Chancery Court responding to the allegations made in the lawsuit iBasis, Inc. (NASDAQ: IBAS) (“iBasis”) filed against KPN, certain of KPN’s officers and certain members of KPN’s management and supervisory boards in Delaware on August 4, 2009. The lawsuit initiated by iBasis is entirely baseless and is being used as an improper tactic to block KPN’s tender offer. KPN also today filed counterclaims against iBasis and certain of its directors in Delaware Chancery Court asking the court to invalidate the “poison pill” purportedly adopted by iBasis. The “poison pill” is a clear violation of iBasis’ own bylaws and the terms of the agreement pursuant to which KPN originally acquired its interest in iBasis and as such, it is not valid. KPN has asked the Delaware Chancery Court to dispose of these matters on an expedited basis.

KPN also today announced that it has filed with the Securities and Exchange Commission an amendment to its previously announced tender offer to acquire the remaining public minority stake in iBasis. Among other things, the amendment provides iBasis shareholders with information necessary to correct the false and misleading statements made by iBasis about certain iBasis strategic scenarios prepared by KPN and disclosed by the iBasis Special Committee.

KPN Telecom NV (NYSE: KPN)

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