Telecoms firm KPN said on Monday it had increased its offer for US company iBasis to $3 a share, valuing the company at $93m (€62m).

KPN had earlier raised its initial bid from $1.55 to $2.25. KPN already owns 56% of iBasis and wants to take over the remaining shares.
The newly-increased offer has the support of iBasis management, KPN said in a statement. KPN has now extended the deadline for shares to be tendered to December 8. It will declare the offer binding it if receives 90% of the shares outstanding.
iBasis offers wholesale international long distance telephone calls and prepaid mobile services.