IDT Corporation Announces Expiration of Subsequent Offering Period
tmcnet.com
[January 30, 2006]
NEWARK, N.J. --(Business Wire)-- Jan. 30, 2006 -- IDT Corporation (NYSE:IDT, IDT.C) today announced the expiration of the subsequent offering period to the tender offer by NTOP Acquisition, Inc., a Delaware corporation and a wholly-owned subsidiary of IDT, to purchase all of the outstanding shares of the common stock of Net2Phone, Inc. (NASDAQ: NTOP) not already beneficially owned by IDT for $2.05 net per share in cash. The subsequent offering period expired at 5:00 p.m., New York City time, on Friday, January 27, 2006.
Based upon a preliminary tally by Wachovia Bank N.A., the depositary for the offer, approximately 31,583,221 shares were validly tendered in the offer, including the subsequent offering period. The tendered shares, together with the Net2Phone shares already beneficially owned by IDT, represent approximately 80.52% of the outstanding equity of Net2Phone and approximately 85.75% of the outstanding voting power of Net2Phone. In addition, approximately 1,681,608 shares were tendered pursuant to guaranteed delivery procedures but have not yet been covered. IDT has accepted for payment all Net2Phone shares validly tendered and not withdrawn in the offer.
As promptly as practicable, IDT intends to take all action within its control to effect a merger of NTOP Acquisition with Net2Phone in which all remaining shareholders of Net2Phone common stock will receive the same consideration for their shares as the holders who tendered their shares in the offer.
A copy of this press release will be available on IDT's website at www.idt.net in the "About IDT" Press Releases section. |
