Arbinet Announces Stockholder Approval of Merger with Primus
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HERNDON, Va., Feb. 25, 2011 - Arbinet Corporation (Nasdaq: ARBX), a leading provider of telecommunications services to fixed and mobile operators, announced today that the company's stockholders have approved and adopted Arbinet's merger agreement with Primus.
At a special meeting of Arbinet stockholders held today, Arbinet stockholders approved the definitive merger agreement, which the company had entered into on November 10, 2010, pursuant to which Arbinet will be acquired by Primus in the proposed stock-for-stock merger transaction. Subject to the satisfaction of all other closing conditions, the transaction is scheduled to close on February 28, 2011.
Based on the preliminary tabulation of the stockholder vote by Arbinet's inspector of elections, approximately 85% of the total votes cast, which represents approximately 73.5% of the total outstanding shares of Arbinet as of the January 12, 2011 record date, approved the proposed merger.
About Arbinet
Arbinet is a leading provider of international voice, data and managed communications services for fixed, mobile and wholesale carriers. With more than 1,200 carrier customers across the globe connected to Arbinet's network, Arbinet combines global scale with sophisticated platform intelligence, call routing and industry leading credit management and settlement capabilities. Arbinet offers these communication services through three primary product offerings including thexchangeSM Carrier Services and PrivateExchangeSM. Arbinet's thexchangeSM platform, the largest online wholesale voice trading exchange, continues to provide customers with access to a neutral marketplace to buy and sell global voice and data traffic. Arbinet owns and operates a global network of next generation IP soft switches, media gateways, IP transport and co-location centers located in the United States, United Kingdom, Hong Kong, Frankfurt and Miami. Founded in 1996, Arbinet is headquartered in Herndon, Virginia.
SOURCE Arbinet Corporation
CONTACT: Arbinet Corporation, Gary Brandt, Chief Financial Officer, +1-703-456-4140, ir@arbinet.com; or Joele Frank, Wilkinson Brimmer Katcher, Andrea Rose, arose@joelefrank.com, or Jed Repko, jrepko@joelefrank.com, +1-212-355-4449
