IDT Corp.s shares were down 11 cents at $10.90 Tuesday mid-morning after the company announced its subsidiary, NTOP Acquisition Inc., has merged with Net2Phone Inc.
The $28 million deal, announced in February, makes Net2Phone, a VoIP enabler for service providers, a wholly owned subsidiary of IDT, as well as a private company. Net2Phone used to trade on the Nasdaq National Market, but its shares now are delisted.
The NTOP subsidiary will use the Net2Phone name.
Net2Phone stockholders last Friday approved the acquisition. IDT owns 82.5 percent of Net2Phones outstanding equity and 87.2 percent of that companys outstanding voting power. Remaining stockholders will receive consideration of $2.05 per share in cash, IDT said. The $2.05 is the same amount IDT paid per share in its tender offer for Net2Phone common stock when it bought 31.6 million shares in late January.