Company appeals court ruling to split IAC into five parts
Bloomberg News
Friday, May 9, 2008
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Liberty Media Corp., owner of a 30 percent stake in Internet company IAC/InterActiveCorp, appealed a Delaware court decision allowing IAC Chairman Barry Diller to split his firm into five parts.
Chancery Court Judge Stephen Lamb in Wilmington ruled March 28 that the plan doesn't breach an agreement with Liberty, the media holding company controlled by billionaire Chairman John Malone. Liberty filed its appeal Wednesday with the Delaware Supreme Court in Dover.
"We are quite confident that the decision will not be reversed, and we don't expect this to delay the spins," IAC said in an e-mailed statement.
Malone, 67, traded lawsuits with Diller, 66, earlier this year over the plan to split New York-based IAC with a new single-vote-per-share structure at four independent companies.
Douglas County-based Liberty claimed the proposal would unfairly dilute its control of the new firms and that the plan required its consent.
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