ITXC Rejects IDT's Acquisition Bid

The ITXC Board of Directors rejected IDT's acquisition proposal saying the offer was not in shareholders' best interests. ITXC noted that its cash and cash equivalents were approximately $1.70 per share at the end of the Q1 2003 and that its net book value per outstanding share exceeded $2.65 per share on 31-March-2003. Moreover, the company said its proprietary technology gives it a strategic advantage in international VoIP. ITXC Chairman and CEO Tom Evslin described the offer as "totally unacceptable." The ITXC Board also approved a Shareholder Rights Plan and declared a dividend of one Right on each outstanding share of ITXC common stock.
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