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IAC Stock Pops on Match Spinoff News

IAC/InterActiveCorp (NASDAQ:IAC) news for Friday about plans to spin off Match (NASDAQ:MTCH) has IAC stock up.

IAC Stock Pops on Match Spinoff News

Source: Alex Millauer / Shutterstock.com

The idea behind this Match spinoff has IAC planning to distribute all of its shares in the company to current holders of IAC stock. This would have it eliminating the dual-class common stock structure at Match. It would also result in both companies being independent of one another.

The plan from IAC will have it distributing new shares of IAC stock to holders on record prior to the transaction. This would result in the shareholders having new shares that are equivalent to their previous stake in the company.

IAC notes that it is already discussing the Match spinoff with a special committee of disinterested directors formed by the company’s Board of Directors. The deal will need approval from this committee before it can move forward. It also requires approval from stockholders and IAC Board of Directors.

Joey Levin, CEO of IAC, has this to say about the Match spinoff news.

“Today IAC proposed an important first step in the separation of Match Group from IAC. IAC is confident that the proposal communicated to the Match Group special committee provides strong footing for Match Group to begin its journey as a thriving, independent company.

As it relates to evaluating our ownership stake in ANGI Homeservices, we don’t currently expect to turn our attention to the question of a spin-off until a Match Group transaction has been completed.”

IAC stock was up 1.10% and MTCH was down 2.60% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2019/10/iac-stock-pops-on-match-spinoff-news/.

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