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Net2Phone looks for $58 million

Internet phone company Net2Phone plans to offer 10.5 million shares of its stock, according to a filing with the U.S. Securities and Exchange Commission. The Newark, N.J.-based company, which expects to generate $57.9 million from the sale, will use the proceeds for general corporate purposes and to fund its cable telephony business.

Net2Phone also plans to offer 2.5 million shares to its controlling shareholders Integrated Device Technology and Liberty Media. J.P. Morgan Chase was named as the only book-running manager for the offering. Jeffries & Co. served as the joint lead manager, while Blaylock & Partners acted as the co-manager.