Net2Phone plans 10.5 mln public offering; shares slide

Sun, 11/02/2003 - 7:00pm

Copyright 2003 Inc., All Rights Reserved

CBS MarketWatch

October 31, 2003 Friday 11:35 AM

San Francisco (CBS.MW)—Shares of Net2Phone fell after the Internet voice communications provider said it was planning a 10.5 million share public offering.

Net2Phone's (NTOP) stock dropped 33 cents, or 5 percent, to $5.76 in recent dealings.

The Newark, N.J.-based firm said it has filed to sell 10.5 million shares of common stock to the public. The filing also applies to the sale of 2.5 million shares of stock to its controlling shareholders, IDT Corp. and Liberty Media, the company said.

Proceeds from the offerings will be used for general corporate purposes, capital expenditures and working capital, including funding cable telephony business, the company said.

J.P. Morgan will serve as sole book running manager of the offering, Jefferies & Co. will act as joint lead manager and Blaylock & Partners will serve as co-manager of the offering.

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