Shareholders Approve IAC and Match Group Separation on 30th June
Seeking Alpha is reporting that Match Group and IAC shareholders have given the final greenlight to approve the proposed separation of the two companies.
Both companies held their own meetings with shareholders yesterday and voted to approve all of the necessary proposals required to complete the separation.
It’s anticipated that the deal will be completed once the markets close on Tuesday, 30th June.
Earlier this month it was announced that IAC had set agreements with several third-party investors for the sale of Class M shares of the online dating company. Those shares will then be transferred into common stock of ‘New Match’.
Approximately 17 million shares of Class M stock will be sold at an individual price of $82, meaning that IAC will be paid in the region of $1.4 billion.
Once the spin is completed, current investors will receive $3 per share that they currently own.
IAC’s CEO Joey Levin wrote in his Q1 letter to shareholders: “When the transaction closes and the dust settles, we’ll have a vastly shrunken and nimble New IAC – as we’ve said before, familiar territory.”
Read more here.