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Technology Stocks : IDT *(idtc) following this new issue?* -- Ignore unavailable to you. Want to Upgrade?

To: musicguy who wrote (10196)	6/28/1999 4:16:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 30916

(UPDATE) IDT Sets Terms For Net2Phone IPO Amid Takeover Rumors Dow Jones Online News, Monday, June 28, 1999 at 15:25 NEW YORK -(Dow Jones)- Shares of IDT Corp., a telecommunications company that offers Internet-based telephone services, rose Monday after it released details for an initial public offering for its Net2Phone Inc. unit and rumors surfaced to suggest that Sprint Corp. may bid for IDT. Shares of IDT (IDTC) were up $2.625, or 13%, ato $23.25 in afternoon trading. The takeover talk was mentioned on JagNotes, an Internet site recently credited with moving other stocks such as Earthlink Network Inc., an Internet-access provider. IDT Vice President of Finance David Brainson noted that Net2Phone executives began promoting their initial public offering to investors Monday but declined to comment on the Sprint rumors. According to Brainson, IDT's post-offering stake in Net2Phone will be about 58%, or about 27.2 million shares. IDT said it expects to offer 4.8 million common shares of Net2Phone priced at $10 to $12 each. Last month, IDT filed to hold an IPO for the unit but didn't detail terms. Net2Phone provides telephone service over the Internet rather than traditional phone netowrks. Some $7 million of the proceeds from the offering will be used to pay of IDT debt. The company will also pay $1.5 million to General Electric Corp.'s NBC unit for the purchase of television advertising. Gregory P. Miller, an analyst who follows IDT Corp. at Jefferies & Co., called the Sprint rumor "misguided," saying "There is absolutely nothing (IDT) offers that Sprint would want." Hackensack, N.J.-based IDT provides prepaid calling cards, Internet access and, through its 66%-owned Net2Phone unit, Internet telephony services. "Although Internet telephony is a growing area," said Sprint spokesman Bill White, "Sprint remains focused on developing its ION services." Sprint ION, which stands for Sprint Integrated Online Network, is a broadband technology that merges local- and long-distance voice services, multiple phone lines, Internet access and other features over a single connection. The Kansas City-based telecom is in the process of rolling out the system to selected U.S. cities. Copyright (c) 1999 Dow Jones & Company, Inc. All Rights Reserved