NEW YORK, Aug. 9 /PRNewswire-FirstCall/ -- 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
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(R), Hotels.com(TM), Hotwire(R), Expedia(R)
Corporate Travel, Trip Advisor(TM) and Classic Custom Vacations(R). Expedia,
Inc. also operates international sites in Canada, United Kingdom, Germany,
France, Italy, Netherlands and China through its investment in eLong(TM).
IAC Investor Relations
Roger Clark / Eoin Ryan
IAC Corporate Communications
Deborah Roth / Andrea Riggs
(212) 314-7254 / (212) 314-7280
Expedia Investor Relations
Expedia Corporate Communications
Web Site: http://www.iac.com