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IDT Starts Net2Phone Offer

IDT will pay $2 a share for the stake it doesn't own in Net2Phone.
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already said it wants the stock of



it doesn't yet own, and Thursday the company started a tender offer to try to get the shares at $2 each.

Net2Phone, a provider of Internet communications services, jumped 35 cents, or 24%, to $1.83 in after-hours trading. IDT added 5 cents to $11.78.

IDT holds about 2.8 million Net2Phone common shares and 28.9 million of the company's class A common shares. IDT's stake represents around 40.2% of Net2Phone's equity securities outstanding and 56.2% of the total voting power.

The expiration date for the offer is Dec. 12, unless it's extended. Telecom provider IDT had originally offered $1.70 a share for Net2Phone, which was rejected for being too low.

Both companies are based in Newark, N.J.