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Expedia Rejects USA Interactive's Buyout Plan | |
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| Time: 03:18 EST/08:18 GMT | News Source: Reuters | Posted By: Alex Harris | ||
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Expedia Inc. , the largest U.S. online travel agency, on Thursday rebuffed a takeover offer from its biggest shareholder, USA Interactive , run by media mogul Barry Diller, on grounds that it saw more growth potential if it remained independent. A special committee of Expedia's board of directors, which considered Diller's offer for the 37 percent of the Web travel agent that USA Interactive does not already own, said the Bellevue, Washington-based company's "standalone prospects continue to be excellent." "Rather than trading at levels reflecting Expedia's potential -- as we believe should be the case -- it appears that Expedia's stock price has inappropriately become linked to USAI's stock price based on USAI's statements," the Expedia special committee said in a statement. USA Interactive on June 3 had offered to exchange 2.6969 of its shares for each Expedia share, a premium of 7.5 percent at the time the deal was announced. | ||
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