IBasis Sues KPN To Hold Off Inadequate Tender Offer

Law360, New York (August 4, 2009, 4:40 PM EDT) -- International long distance telephone carrier iBasis Inc. has sued its controlling shareholder and biggest customer Royal KPN and several of its directors, seeking an injunction to hold off the Dutch telecommunications company's “grossly inadequate” $1.55-per-share tender offer to take iBasis private.

IBasis filed its suit for breach of fiduciary duty, civil conspiracy and fraudulent inducement in the Court of Chancery of the State of Delaware on Monday, seeking an order to bar KPN from soliciting iBasis shares or exercising its shareholder voting power, as well as...
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