Net2Phone's board of directors remain neutral on IDT's tender offer
Copyright 2005 M2 Communications Ltd.
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November 28, 2005
Net2Phone Inc. (Nasdaq:NTOP), a provider of VoIP PacketCable, SIP and wireless solutions, announced on Friday (25 November) that the independent committee of the company's board of directors is expressing no opinion and is remaining neutral with respect to the unsolicited tender offer from IDT Corporation (NYSE:IDT).
The tender offer is for USD2.00 per share for all of the outstanding shares of Net2Phone's common stock. IDT Corporation and its affiliates do not currently own shares in Net2Phone.
The company said that stockholders should make their own decisions on whether to tender their shares and accept the offer.