Royal KPN NV (KPN.AE) Monday said it had finally reached agreement with iBasis Inc. (IBAS), and will now offer $3 in cash per iBasis' share for the 44% stake which it doesn't already own.

KPN already holds a 56% stake in iBasis, a U.S.-based company that provides wholesale voice-over Internet Protocol services outside the Netherlands.

It first tried to buy the rest of the company in July, offering $1.55 a share, but iBasis rejected the offer as "grossly inadequate" and later filed complaints in the Court of Chancery of the State of Delaware against KPN. It accused the Dutch company of violating federal securities laws and sought declaratory and injunctive relief to stop KPN's tender offer.

The Dutch incumbent telecom provider raised its offer in October to $2.25 per share, but that was also rejected.

KPN's latest offer, which values the 44% stake at $93 million, said the raised offer is its "last and final". It represents a premium of 130.8% over the $1.30 closing price of iBasis shares on July 10, 2009, the last trading day prior to the original offer.

As part of the settlement, iBasis will drop all pending litigation, and has agreed to terminate its July 30, 2009 stockholder rights plan.

Company Web site: www.kpn.com

-By Archibald Preuschat, Dow Jones Newswires; +49 211 13872 18; archibald.preuschat@dowjones.com
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