IAC Completes Spinoff of Four Companies
IAC, the parent company of Ask.com, has completed the spinoff of four companies: HSN, Inc. (HSNi), Interval Leisure Group, Inc. (ILG), Ticketmaster and Tree.com. For every one share of IAC common stock held on August 11, 2008, the record date for the spin-off, or bought in the due bill period, holders received one-fifth of a share of common stock of each of HSNi, ILG and Ticketmaster, and one-thirtieth of a share of common stock of Tree.com. Immediately following the spin-off on August 20, 2008, IAC also effected a one-for-two reverse stock split.
Here are the new symbols for the companies being traded on the NASDAQ:
Shares of IAC common stock will trade under the symbol “IACID” until September 19, 2008 in compliance with NASDAQ rules. Afterwards, IAC will trade again under its current symbol, IACI.
“Armed with outstanding management teams, appropriate capital structures and their own currencies, HSNi, 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,” said Barry Diller, Chairman and CEO of IAC. “The work is done and our focus now is moving forward.”
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