plans to start a tender offer for the stock of
that it doesn't already own at a price of $1.70 a share.
IDT owns almost 2.8 million Net2Phone common shares and 28.9 million Net2Phone class A common shares. Those holdings represent about 41% of Net2Phone's equity securities and around 57% of the total voting power.
The company expects to begin the offer after a special committee of the Net2Phone board and its advisers have had an opportunity to review the bid.
Shares of Net2Phone, a provider of Internet communications services, were jumping 36 cents, or 25.5%, to $1.77. The stock closed Tuesday at $1.41, and the 52-week range is $1.37 to $4.58.
IDT offers telecommunications services to retail and wholesale customers. IDT shares were down a penny to $12.99.
Both companies are based in Newark, N.J.