IAC: Breaking Up May Be Hard to Do |
| BusinessWeek - Nov 6, 2007 |
It looked like a master stroke. IAC Interactive (IACI) Chief Executive Barry Diller announced that his collection of Internet companies will be separated into five public companies. Diller, long a Wall Street darling, hopes to use the deal to restore some of the luster lost by his business in a year of sliding shares. The tactic appeared to be working. IAC's stock price jumped 7.5%.
But the announcement is only the first step in what could be a messy, protracted battle with IAC's largest shareholder, John Malone's Liberty Media (LCAPA), owner of a 24.1% stake. Under the terms of a long-standing arrangement with Malone, Diller controls and votes Liberty Media's shares in any deal. Still, in order to see the breakup through to its fruition, Diller will probably need to offer some concessions to Malone, the Liberty chairman who has publicly suggested he wants out of the arrangement.
Read Full Article from BusinessWeek
- Posted: 2007-11-06 09:52:15
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