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Exhibit 5.1
BINGHAM DANA LLP
150 Federal Street
Boston, MA 02110
January 16, 2001
iBasis, Inc.
20 Second Avenue
Burlington, MA 01803
Re: Registration Statement on Form S-3 under the Securities Act
of 1933, as amended
Ladies and Gentlemen:
We have acted as counsel to iBasis, Inc., a Delaware corporation (the
"Company"), in connection with the registration under the Securities Act of
1933, as amended (the "Act"), of 10,232,974 shares (the "Shares") of the
Company's Common Stock, $0.01 par value per share, to be offered by certain
stockholders of the Company (the "Selling Stockholders"), pursuant to a
Registration Statement on Form S-3 initially filed by the Company with the
Securities and Exchange Commission on January 16, 2001.
The Shares are to be issued in exchange for shares of PriceInteractive,
Inc. ("PI") common stock pursuant to the Agreement and Plan of Merger and
Reorganization, dated as of December 12, 2000, by and among the Company, PI and
Penguin Acquisition Corp. (the "Merger Agreement").
As such counsel, we have reviewed the corporate proceedings taken by
the Company with respect to the authorization of the issuance of the Shares. We
have also examined and relied upon originals or copies, certified or otherwise
authenticated to our satisfaction, of such corporate records, documents,
agreements or other instruments of the Company. As to all matters of fact
(including factual conclusions and characterizations and descriptions of
purpose, intention or other state of mind) we have entirely relied upon
certificates of officers of the Company, and have assumed, without independent
inquiry, the accuracy of those certificates.
We have assumed the genuineness of all signatures, the conformity to
the originals of all documents reviewed by us as copies, the authenticity and
completeness of all original documents reviewed by us in original or copy form
and the legal competence of each individual executing a document. We have also
assumed that the registration requirements of the Act and all applicable
requirements of state laws regulating the sale of securities will have been duly
satisfied. We have also assumed that the Company has received the specified
purchase price for the Shares.
This opinion is limited solely to the Delaware General Corporation Law,
as applied by courts located in Delaware, the applicable provisions of the
Delaware Constitution and the reported judicial decisions interpreting those
laws.
Subject to the foregoing, it is our opinion that the Shares have been
duly authorized and, upon issuance of the Shares in accordance with the terms of
the Merger Agreement, and against payment therefor of at least the par value,
will be validly issued, fully paid and non-assessable.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to this firm under the heading
"Legal Matters" in the Prospectus included in the Registration Statement.
Very truly yours,
/s/ BINGHAM DANA LLP
Bingham Dana LLP
