WASHINGTON, July 20, 2009 (GLOBE NEWSWIRE) -- Finkelstein Thompson LLP is investigating potential shareholder claims arising from the tender offer proposed by Koninklijke KPN ("KPN") for the remaining shares of iBasis, Inc. ("iBasis" or the "Company") (Nasdaq:IBAS) that it does not presently own. KPN currently owns 56.3% of iBasis and has proposed to acquire the Company's remaining shares for $1.55 per share.
The tender offer appears to be timed by iBasis' controlling shareholder to take advantage of widespread depressed equities prices due to the global economic downturn. Indeed, iBasis' shares have traded at prices as high as $4.32 per share within the past year, and as high as $2.28 per share as recently as November 13, 2008.
The investigation is focused on the potential unfairness of the tender offer price and of the process by which the iBasis board of directors approved the offer.
If you are interested in discussing your rights as an iBasis shareholder, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at contact@finkelsteinthompson.com.
Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers. To learn more about Finkelstein Thompson LLP, please visit our web site at www.finkelsteinthompson.com.