Under the terms of an agreement between the two companies, ICS stockholders will receive 1.300 shares of IDT common stock and $7.25 of cash for each share of ICS stock. Based on closing prices as of
The combined company will retain the IDT name and its stock will continue to trade on the NASDAQ national market under the ticker symbol “IDTI”. The merged company will be based in
For the twelve months ending
The deal is subject to customary closing conditions, including shareholder and regulatory approvals, and is expected to be completed in the autumn of 2005.