InterActiveCorp Completes Acquisition of Hotels.Com.
Business Editors/High-Tech Writers
NEW YORK--(BUSINESS WIRE)--June 23, 2003
InterActiveCorp (Nasdaq: IACI IACI Idaho Association of Commerce & Industry
IACI International Association for Craniofacial Identification
IACI Iran Aircraft Industries ; "IAC (1) (InterApplication Communications) The interprocess communications capability in the Macintosh starting with System 7.0. Many IAC events take place behind the scenes. "), which until today was known as USA Interactive, today announced the successful completion of its acquisition of the outstanding shares of Hotels.com that it did not already own. The acquisition, which was accomplished by the merger of a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of IAC with Hotels.com, with Hotels.com surviving as a wholly owned operating business of IAC, became effective before the open of the market today.
In connection with the merger, Hotels.com options were converted into options to acquire IAC common stock. Under the agreement, Hotels.com shareholders received 2.4 shares of IAC common stock for each share of Hotels.com stock that they own. In the transaction, IAC issued to Hotels.com public shareholders approximately 44.3 million basic shares and 47.2 million shares on a fully diluted di·lute
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.
2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , treasury method basis.
Shares of Hotels.com common stock, which prior to the merger traded on the Nasdaq National Market under the symbol "ROOM," were delisted from trading as of the close of the market on Friday, June 20.
About IAC, InterActiveCorp
IAC, InterActiveCorp (Nasdaq: IACI), formerly USA Interactive, is comprised of the following operating businesses: Expedia, Inc. (Nasdaq: EXPE), which oversees Interval International Interval International is an affiliated exchange company that arranges vacation exchanges for timeshare owners. Their exchange network includes more than 2,200 resorts and nearly 2 million member families worldwide. Similar to RCI, Interval International, I.I. and TV Travel Shop; Hotels.com; HSN HSN Home Shopping Network
HSN High Speed Network
HSN Hereditary Sensory Neuropathy
HSN Highly Saturated Nitrile
HSN Healthy Schools Network, Inc.
HSN Hopping Sequence Number
HSN Historical Sample of the Netherlands
HSN Haiti Support Network ; Ticketmaster, which oversees Evite and ReserveAmerica; Match.com, which oversees uDate.com; Entertainment Publications; Citysearch; and Precision Response Corporation. IAC has also entered into an agreement to acquire LendingTree (Nasdaq: TREE), which is expected to be completed in the third quarter of 2003. The goal of the Company is to be the world's largest and most profitable interactive commerce company by pursuing a multi-brand strategy.
Hotels.com is the largest specialized spe·cial·ize
v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es
1. To pursue a special activity, occupation, or field of study.
2. provider of discount lodging worldwide, providing service through its own websites (including www.hotels.com and others), more than 36,000 affiliated websites, and its toll-free call centers (1-800-2-HOTELS). Hotels.com provides accommodations to travelers at over 8,000 properties in more than 360 markets in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , Europe, the Caribbean and Asia. The company offers a one-stop shopping source for hotel pricing, amenities and availability, and also specializes in providing travelers with accommodations for sold-out periods. Hotels.com is an operating business of InterActiveCorp (Nasdaq: IACI).