IDT Responds to Net2Phone's Independent Committee
Friday July 8, 8:30 am ET
NEWARK, N.J.--(BUSINESS WIRE)--July 8, 2005--The independent committee of the Board of Directors of Net2Phone (NASDAQ: NTOP - News) received yesterday the response by IDT to the letter delivered to IDT on July 6, 2005, by the Independent Committee of the Board of Directors of Net2Phone. The response was contained in a letter from Abbe Dienstag of Kramer Levin Naftalis & Frankel LLP, legal counsel to IDT, to the independent committee's legal counsel, Stephen Fraidin of Kirkland & Ellis LLP.
If a tender offer of Net2Phone shares is commenced, stockholders are urged to read Net2Phone's solicitation/recommendation statement on Schedule 14D-9, which would be filed with the Securities and Exchange Commission (SEC), because it will contain important information. Investors can obtain a free copy of the solicitation/recommendation statement and any amendments to that statement, if and when available, and all other filings by Net2Phone with the SEC at www.sec.gov.
The letter stated:
"Dear Steve:
Ira Greenstein, president of our client IDT Corporation, is in receipt of your letter of July 6, 2005 and has asked that we respond.
Representatives of IDT would be pleased to meet with the independent committee of the board of directors of Net2Phone, Inc. and its advisors to discuss IDT's offer to acquire the shares of Net2Phone not already owned by IDT and its affiliates. Please let us know when the committee would be prepared to convene such a meeting, so that we can schedule a mutually convenient time.
On behalf of IDT we advise the committee that IDT is not interested in selling its shares in Net2Phone to a third party.
Sincerely yours,
Abbe Dienstag" |
