IDT Corporation publicly announced a proposal to acquire ITXC Corp. in a stock-for-stock transaction that would provide a 15% premium to the stockholders of ITXC, based on the closing price of ITXC’s common stock on 09-April-2003, which was $1.22. IDT said a merger could provide the sufficient scale for ITXC’s operations to become cash flow positive much sooner than if it were to remain a separate company.
http://www.idttelecom.com
- On 25-February-2003, IDT publicly announced a bid to acquire Global Crossing that would “at least�? match the offer submitted last August by the Hong Kong-based conglomerate Hutchinson Whampoa Ltd and state-controlled Singapore Technology Pte Ltd. The offer was rejected.
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In July 2002, IDT announced unsolicited (and unsuccessful) bids to acquire two units of WorldCom: its MFS and Brooks Fiber units and its MCI consumer and small business long distance units. IDT valued the combined bids at $5 billion.
- In December 2001, IDT acquired Winstar Communications for $42.5 million ($30 million in cash and $12.5 million in IDT Class B Common Stock). Other IDT acquisitions include major equity interests in Net2Phone and Talk America Radio Network.