iBasis v. Koninklije KPN NV

Summary

Two-day expedited hearing on motion for preliminary injunction.

From an iBasis news release (Via PR Newswire): "iBasis, Inc. (NASDAQ: IBAS - News) today announced that on August 14, 2009 the Delaware Court of Chancery rejected Royal KPN N.V.'s (AMS: KPN and OTC: KKPNY.PK) (KPN) effort to stay iBasis' discovery in connection with the complaint filed by iBasis against KPN based on fraud and breach of KPN's fiduciary duties to iBasis and its minority stockholders. As previously announced, iBasis seeks in its complaint declaratory and injunctive relief to, among other things, stop KPN's grossly inadequate tender offer.

Delaware Court of Chancery Vice Chancellor Strine also rejected KPN's request that the Court hear on an expedited basis only KPN's legal arguments with respect to the stockholder rights plan implemented by the iBasis Board of Directors to protect the interests of iBasis' stockholders. Instead, the Vice Chancellor ruled that, after discovery for both sides, the Court will hold a hearing on October 8 and 9, 2009 on the issues both iBasis and KPN have before the Court, including iBasis' application to stop KPN's tender offer. This application arises from iBasis' claims of fraud and breach of fiduciary duty against KPN, other KPN entities and certain KPN-related individuals. The Court will also hear KPN's arguments regarding iBasis' stockholder rights plan."

http://finance.yahoo.com/news/Delaware-Court-of-Chancery-bw-593013564.html?x=0&.v=1