Companies won't jointly submit filings
Bloomberg News
Published January 31, 2008 at 12:05 a.m.
IAC/InterActiveCorp Chairman Barry Diller, who is fighting billionaire John Malone's effort to take control of his company, broke off an agreement to jointly submit regulatory filings with Malone's Liberty Media Corp.
Diller ended the accord Tuesday, according to a filing with the Securities and Exchange Commission on Wednesday. The agreement, made in August 2005, meant that Diller and Douglas County-based Liberty would file their annual report of stock holdings together.
"It's nothing more than ceremonial, but it's indicative of the growing rift between Liberty and InterActiveCorp," said Jeff Lindsay, an analyst with Sanford C. Bernstein in New York who recommends holding IAC shares.
The filing escalates a dispute that threatens a decade-long partnership between Diller and Malone. Malone objects to Diller's plan to split New York-based IAC into five companies without maintaining a stock structure that gives Liberty control over IAC. Liberty holds 30 percent of IAC's shares and 62 percent of its voting power.
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