Royal KPN’s Offer for Stake in iBasis

On July 28, 2009, Royal KPN N.V. (“KPN”) launched a cash tender offer, through its wholly owned subsidiary KPN B.V., for all of the outstanding shares of common stock of iBasis, Inc. not already owned by KPN and its subsidiaries. KPN currently owns approximately 56% of the outstanding shares of iBasis. KPN is offering the public minority shareholders of iBasis $1.55 per share in cash, without interest and less any required withholding tax. The stake of approximately 44% not owned by KPN would be valued at $48.2 million at the $1.55 per share offer price. This cash tender offer was initially announced on July 13.

The lawyers involved in this transaction include partners Mark I. Greene and Philip J. Boeckman and associates Francesco Lione, Randall Derek Walters and John R. Sobolewski on corporate matters; associate Kerry Halpern-Skoglund on executive compensation and benefits matters; and partner Andrew W. Needham and associates Annie Kim and Edward S. Wei on tax matters. Summer associate Michelle Y. Park also worked on corporate matters.