IAC Completes Spin-Off of Expedia, Inc.
IAC/InterActiveCorp (NASDAQ: IACI) today announced the successful completion of the spin-off of Expedia, Inc. to IAC shareholders. Immediately prior to the spin-off, IAC effected a one-for-two reverse stock split. As a result, holders of IAC common stock received one share of Expedia common stock and one share of IAC common stock for every two shares of IAC common stock held immediately prior to the completion of the reverse stock split and the spin-off.
Today, Expedia will begin trading regular way as an independent publicly traded company on the Nasdaq National Market under the symbol "EXPE" and IAC will begin trading excluding Expedia. IAC common stock will trade under the symbol "IACID" for a period of up to 20 trading days to provide notice to the market of the extraordinary event affecting the stock. After that period, IAC common stock will commence trading under the symbol "IACI."
Beginning today, each warrant that trades on the Nasdaq National Market under the ticker symbol "IACIW" will entitle its holder to purchase one half of one share of IAC common stock at an exercise price of $19.49 per warrant and each warrant that trades on the Nasdaq National Market under the ticker symbol "IACIZ" will entitle its holder to purchase 0.969375 shares of IAC common stock at an exercise price of $14.44 per warrant. In addition, two new warrants to purchase shares of Expedia common stock will begin trading today. Each warrant that trades on the Nasdaq National Market under the ticker symbol "EXPEW" will entitle its holder to purchase one half of one share of Expedia common stock at an exercise price of $15.61 per warrant and each warrant that trades on the Nasdaq National Market under the ticker symbol "EXPEZ" will entitle its holder to purchase 0.969375 shares of Expedia common stock at an exercise price of $11.56 per warrant.
IAC operates leading and diversified businesses in sectors being transformed by the internet, online and offline ... our mission is to harness the power of interactivity to make daily life easier and more productive for people all over the world. To view a full list of the companies of IAC please visit our website at http://iac.com/.
About Expedia, Inc.
Expedia, Inc. is one of the world's leading travel services companies. With its portfolio of leading travel brands, Expedia, Inc. empowers business and leisure travelers with the tools and information they need to easily research, plan, book and experience travel. The company also provides wholesale travel to offline retail travel agents. Expedia, Inc.'s main websites includes: Expedia.com®, Hotels.com™, Hotwire®, Expedia® Corporate Travel, Trip Advisor™ and Classic Custom Vacations®. Expedia, Inc. also operates international sites in Canada, United Kingdom, Germany, France, Italy, Netherlands and China through its investment in eLong™.
Contacts: IAC Investor Relations Roger Clark / Eoin Ryan (212) 314-7400 IAC Corporate Communications Deborah Roth / Andrea Riggs (212) 314-7254 / (212) 314-7280 Expedia Investor Relations Stu Haas (425) 679-7852 Expedia Corporate Communications Jason Reindorp (425) 679-7396
CONTACT: IAC Investor Relations, Roger Clark or Eoin Ryan,
+1-212-314-7400; IAC Corporate Communications, Deborah Roth,
+1-212-314-7254, or Andrea Riggs, +1-212-314-7280; Expedia Investor Relations,
Stu Haas, +1-425-679-7852; Expedia Corporate Communications, Jason Reindorp,
Web site: http://www.iac.com/