January 2008
Liberty Media Corporation (Nasdaq: LINTA, LCAPA) ("Liberty") announced that it has purchased 14 million shares of InterActiveCorp's ("IAC") common stock from a single holder at a price of $24.25 per share. At the time of the transaction, Liberty entered into a standstill agreement with IAC. The standstill agreement is subject to customary exceptions and will expire on the earlier of April 15, 2009 or the completion or abandonment of IAC's previously announced restructuring.
As contemplated by the standstill agreement, IAC also purchased 6 million shares of its common stock from the same holder at $24.25 per share.
Liberty took advantage of recent weakness in IAC's shares to increase its holding at an attractive price. As a result of this purchase and IAC's redemption, Liberty now holds approximately 30% of the economic value of IAC shares.
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