Corporate Information |
On March 13, 2006, Net2Phone, Inc. completed a merger
with a wholly-owned subsidiary of IDT Corporation, NTOP
Acquisition. As a result of the merger, Net2Phone, Inc.
is now a wholly-owned subsidiary of IDT.
On Friday, March 10, 2006, Net2Phone stockholders consented
to the adoption of the merger agreement and the approval
of the merger following a consent solicitation by Net2Phone.
As of March 3, 2006, the record date for the consent
solicitation, IDT beneficially owned approximately 82.5%
of the outstanding equity of Net2Phone and approximately
87.2% of the outstanding voting power of Net2Phone.
IDT provided its consent with respect to all of its
Net2Phone shares.
The merger was completed pursuant to the Agreement
and Plan of Merger previously entered into among IDT,
NTOP Acquisition and Net2Phone. The remaining stockholders
of Net2Phone will receive the same consideration of
$2.05 per share in cash as was received by the Net2Phone
stockholders who tendered in the offer. As result of
the merger, shares of Net2Phone capital stock are no
longer publicly traded.
Net2Phone will continue to operate its business as
a subsidiary of IDT. For more information about IDT,
please go to www.idt.net.
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