IBasis Says Buyout By KPN Violates Securities Act

Law360, New York (August 19, 2009, 12:26 PM EDT) -- IBasis Inc. has filed a second suit against majority owner Royal KPN and several of its directors, now alleging securities violations, in an effort to hold off a tender offer the international long-distance telephone carrier has called “grossly inadequate.”

The complaint, filed against the Dutch telecommunications provider in the U.S. District Court for the Southern District of New York on Tuesday, alleges KPN's purchase offer and related amendments constitute a “blatantly unfair” effort to mislead iBasis shareholders into tendering their shares for the “grossly unfair” price...
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