IDT *(idtc) following this new issue?* Message Board

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Technology Stocks : IDT *(idtc) following this new issue?*

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From: carreraspyder	7/8/2005 5:06:55 PM
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IDT Rebuffs Net2Phone Buyout Offer (caps in news release) telecom web 7/8/05 Domestic/international carrier IDT Corporation today says it DOES NOT want to sell its controlling shares in VoIP wholesale service provider Net2Phone Inc. to a third party, rebuffing an earlier suggestion made by Net2Phone itself (TelecomWeb, July 7). Newark, N.J.-based IDT – although it owns 41 percent of Net2Phone and it controls 57 percent of the voting power – finds itself in an unusual sparring match with an independent committee appointed by Net2Phone’s board of directors regarding IDT’s proposal to purchase all the remaining shares of Net2Phone it does not already own. In a letter from IDT legal counsel Abbe Dienstag of Kramer Levin Naftalis & Frankel LLP to the Net2Phone independent committee's legal counsel Stephen Fraidin of Kirkland & Ellis LLP, IDT indicated, however, that it would meet with the independent committee and its advisors to discuss IDT's offer further, and the independent committee is receptive to this. However, the Dienstag letter concluded with “on behalf of IDT, we advise the committee that IDT is not interested in selling its shares in Net2Phone to a third party.”

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