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IAC spins off four business units, announces one-for-two reverse stock split
By Lisa Kerner
Charlotte, N.C., Aug. 21 - IAC/Interactive Corp. completed the spinoff of its HSN, Inc., Interval Leisure Group, Inc., Ticketmaster and Tree.com, Inc. businesses to IAC shareholders on Aug. 20.
The spinoff was first announced in November 2007.
IAC stockholders received one-fifth of a share of common stock of each of HSN, Interval and Ticketmaster, as well as one-thirtieth of a share of common stock of Tree.com.
Immediately following the spinoff, IAC effected a one-for-two reverse stock split, a company news release said.
HSN, Interval, Ticketmaster and Tree.com began trading regular way as independent, publicly traded companies on the Nasdaq National Market on Thursday under the respective symbols "HSNI," "IILG," "TKTM" and "TREE."
Shares of IAC common stock will trade under the symbol "IACID" in accordance with Nasdaq rules until Sept. 19 then will resume trading under IAC's current symbol "IACI."
"Armed with outstanding management teams, appropriate capital structures and their own currencies, HSN, Ticketmaster, Interval and Tree.com are now ready for independent futures ... while the internet businesses that make up new IAC can operate with a collective purpose and common goals," IAC chairman and chief executive officer Barry Diller said in the release.
The spinoffs and reverse stock split resulted in IAC adjusting its warrants in accordance with warrant agreements.
Each warrant trading on the Nasdaq National Market under the ticker symbol "IACIW" will entitle its holder to purchase 0.568454 shares of IAC common stock at an exercise price of $19.49 per warrant.
According to IAC, each warrant that trades on the Nasdaq National Market under the ticker symbol "IACIZ" will entitle its holder to purchase 1.102090 shares of IAC common stock at an exercise price of $14.44 per warrant.
New York-based IAC operates more than 35 diversified internet businesses across 37 countries.
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