Royal KPN’s Settlement Agreement with iBasis

On November 23, 2009, Royal KPN N.V. (“KPN”) announced that it has entered into a settlement agreement with iBasis, Inc. under which KPN will make a last and final increase of its offer for the outstanding shares in iBasis not otherwise held by KPN to $3.00 per share in cash. The minority stake of approximately 44% not owned by KPN would be valued at $93.3 million at the $3.00 per share offer price. The Special Committee of iBasis’s Board of Directors has unanimously approved the agreement.

The Cravath team includes partner Mark I. Greene and associates Cristina M. Amodeo, Ting S. Chen, R. Derek Walters and John R. Sobolewski on corporate matters; and partners Douglas D. Broadwater, Julie A. North and Darin P. McAtee, senior attorney Lillian S. Grossbard and associates Pamela J. Papish, Misty L. Archambault, Christopher D. Belelieu, Jefferson E. Bell, Valerie Figueredo, Jeffrey G. Paik, William B. Brady, Sarita Prabhu, Alexandra Reeve Givens, Phillip E. Jackman, Robert A. Miranne and Margaret T. Segall on litigation matters.