Investors File Lawsuit Against Match Group and IAC Over Proposed Separation
A faction of Match Group investors are filing a lawsuit against the online dating company and IAC ahead of the impending separation.
The two organisations were due to part ways at the end of business hours yesterday, but at the time of writing no official statement has been issued.
The opposing plaintiffs have issued a 10-count direct and derivative suit which claims the proposed deal could end up costing Match Group and its shareholders “millions” of dollars.
They specifically address IAC’s Chairman Barry Diller and 10 Match Group directors by accusing them of a range of corporation law failures and a mismanagement of investor funds.
Elsewhere, Match Group has reportedly agreed a lease on its new offices in New York City.
According to The Real Deal, the company will occupy roughly 45,000 square feet across three floors of 60-74 Gansevoort Street in Manhattan’s Meatpacking district. It’s believed the asking price for the space was in the region of $5.4 million.
Once the separation is complete, Match Group will move out of IAC’s headquarters at 555 West 18th Street.
Investors voted to approve the deal at the end of last week and agreed to receive $3 per share that they own. Match Group’s share price has risen by 25% over the past three weeks and currently sits at an all-time high of $107.05.
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