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 IDT Corp. Receives Approval from Net2Phone Stockholders for Sale of Net2Phone Shares to AT&T-Led Consortium |
NEWARK, N.J. - July 6, 2000 - IDT Corporation (NASDAQ: IDTC) announced that stockholders of Net2Phone, Inc. (NASDAQ: NTOP) have voted to approve proposals necessary to implement IDT's and Net2Phone's transactions with AT&T (NYSE:T). On March 31, 2000, the Company announced that a consortium led by AT&T had agreed to purchase 14.9 million shares of Net2Phone Class A Common Stock from IDT, at a price of $75 per share, for total consideration to IDT of approximately $1.1 billion. In addition, the consortium agreed to purchase 4.0 million newly-issued shares of Net2Phone Class A Common Stock from Net2Phone, also at a price of $75 per share, for total consideration to Net2Phone of $300 million. At today's special meeting of stockholders, Net2Phone received stockholder approval of proposals necessary to complete these transactions with AT&T, including amending Net2Phone's Certificate of Incorporation to increase the number of authorized shares of Class A Common Stock to 37,924,250 from 33,924,250, and to increase the size of Net2Phone's Board of Directors. "I'm very pleased by today's approval by the Net2Phone stockholders. It was a major step toward closing the sale to the AT&T-led consortium," said Howard Jonas, IDT Chairman and CEO. "We look forward to working with AT&T and Net2Phone to ensure that Net2Phone's voice-over-IP technology continues to be the global standard." In June, IDT announced that the waiting periods under the Hart-Scott-Rodino Antitrust Improvement Act have expired, with respect to IDT's proposed sale of 14.9 million of its shares of Net2Phone to the consortium led by AT&T. IDT anticipates that the transaction with AT&T will close in August 2000. IDT is a leading multinational carrier that combines its position as an international telecommunications operator with its experience as an Internet service provider to provide a broad range of telecommunications services to its wholesale and retail customers worldwide. Through its own national telecommunications backbone and network infrastructure IDT provides its customers with integrated and competitively priced international and domestic long distance, pre-paid calling cards, Internet access and Digital Subscriber Line (DSL) service. Except for historical information, all of the expectations and assumptions contained in the foregoing are forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and the Securities Act of 1934, involving risks and uncertainties. These statements refer to our plans to implement our growth strategy, improve our financial performance, expand our infrastructure, develop new products and services, expand our customer base and enter international markets. The forward looking statements also include our expectations concerning factors affecting the markets for our products, including the demand for long distance telecommunications, and Internet access services. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the results that we anticipate. These risks and uncertainties include, but are not limited to, those risks discussed in this release. In addition to the factors specifically noted in the forward looking statements, other important factors that could result in those differences include (a) general economic conditions in the telecommunications and Internet markets, including inflation, recession, interest rates, and other economic factors; (b) casualty to or other disruption of our facilities and operations; (c) those discussed in our Quarterly Report on Form 10Q for the period ended April 30, 2000; and (d) other factors that generally affect the business of telecommunications, Internet and other communications companies. We assume no obligation to update these forward looking statements or to update the reasons actual results could differ materially from the results anticipated in the forward looking statements. Norman Rosenberg |
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