IDT said today it will buy VoIP provider Net2Phone Inc. for approximately $28.1 million and turn it into a privately held, wholly owned subsidiary.
IDT's subsidiary, NTOP Acquisition Inc., will merge with Net2Phone, and keep the Net2Phone name and Net2Phone's stock will be deregistered from Nasdaq.
The companies intend to convert Net2Phone's stock into $2.05 in cash per share. The $2.05 is the same amount IDT paid per share in its tender offer for Net2Phone common stock when it bought 31.6 million shares in late January. Gee, and I thought Net2Phone was holding out for more? After the Skype $3 billion deal, it appears that most well-known public VoIP companies or companies intending to go IPO such as Vonage's $250 million IPO plan have been utterly disappointing.Where is the next billion-dollar VoIP IPO? I'd really like to know.
IDT buys Net2Phone for $28.1 million
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What can I do if I have net2phone stock but Net2phone does not exist anymore?