IDT takes over Net2Phone, finally
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While you’re drinking beers and watching the Winter Olympics in Italy, busy businessmen are finalizing the last pieces of a major agreement. IDT Corp. and Net2Phone merge finally end in: IDT takes Net2Phone under its wing.
For how much?
$28.1 million. Not as impressive as eBay and its 2 billions to acquire Skype. But IDT was already owning part of Net2Phone shares since 1999 and will increase its takeover up to 87.2%. Now Net2Phone shareholders need to agree the conditions of the deal. They rejected the first IDT offer which was $1.70 for the shares.
Net2Phone, is this company which was the pioneer in VoIP?
Right. Net2Phone started in 1999, when the Internet start-ups were booming, but since then, the company was struggling. As the others you would say. Net2Phone was one of the first Internet-based phone companies but failed to capture a significant consumer market share. The company recently switched strategies to sell its technology to cable companies that sell phone service.
Some layoffs?
Who knows. IDG didn’t disclose any more details of the agreement.
Feb 18, 2006 | By Nuno
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