IDT Corporation terminated its proposal to acquire all outstanding shares of ITXC and said it will enter into negotiations with the company. IDT said it would not take any action to acquire the shares of ITXC for the next thirty days without ITXC’s consent. It gave no assurance that a deal would be reached.
Separately, IDT reiterated its desire to purchase Global Crossing following Hutchison’s decision to drop its bid. IDT has long been a vocal critic of the proposed Asian investment in Global Crossing, arguing that it poses “grave and unnecessary national security risks.” IDT urged members of Congress and other governmental bodies to continue their scrutiny of Singapore Technologies and its continued bid for Global Crossing.
http://www.idttelecom.com
http://www.itxc.com
- On 10-April-2003, IDT 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 stock on the previous day. ITXC rejected the offer.
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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.