Arrangements pertaining to the governance of companies that IAC plans to spin off include Liberty's right to board representation on each spinoff, as well as a standstill agreement that limits Liberty's ability to increase its ownership stakes in the IAC entities.
Liberty, meanwhile, has agreed to drop its appeal of the decision handed down by the Delaware Chancery Court on March 28. IAC's major shareholder also said it would not oppose the proposed single-tier spinoffs of HSN, Interval International, Ticketmaster and Lending Tree, which IAC advanced earlier Tuesday by making its initial filings with the SEC.
IAC chairman and CEO Barry Diller stated, "Now it's really over, and that's great for both of us."
Liberty chairman John Malone said, "I am pleased that we were able to amicably resolve our dispute with IAC. Liberty supports the proposed restructuring of IAC and looks forward to the ongoing success of each of the new entities and IAC." - Richard Morgan
