In its second-largest acquisition, Amazon buys the company for $970 million.
Net2Phone Inc.'s net2phone.comannounced that its Board of Directors has authorized the repurchase of up to 5 million shares, or approximately 9%, of Net2Phone's outstanding common stock. The purchases will be made from time to time as market and business conditions warrant, in open market, negotiated or block transactions. All purchases are subject to the availability of shares and, accordingly, there is no guarantee as to the timing or number of shares to be repurchased. "We see Net2Phone as a tremendous investment opportunity and believe the stock repurchase will benefit both the company and our shareholders," said Howie Balter, CEO of Net2Phone. "Our Board of Directors believes the current valuation of Net2Phone's common shares makes the stock a solid investment and represents an attractive opportunity to enhance long-term shareholder value."
"With cash and equivalents position of approximately $500 million or approximately $8 per share and no debt enabling the company to sufficiently fund capital expenditure programs and business initiatives, we believe repurchasing our stock presents an excellent return on investment," said Ilan Slasky, Chief Financial Officer at Net2Phone. Net2Phone, Inc. is a leading provider of voice-enhanced Internet communications services to individuals and businesses worldwide.