iBasis is suing its majority owner KPN in an effort to stop a hostile takeover bid, reports AP News. iBasis, which provides wholesale long distance phone service and prepaid phone cards, said the Dutch telecoms giant, other KPN entities and certain members of its management have violated federal securities laws. iBasis also said KPN’s bid of US$1.55 per share in cash for the 44 percent of the company it doesn’t own was “grossly inadequate.”