Expedia Rejects Offer From USA Interactive
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Expedia Inc. 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% of the Web travel agent that USA Interactive does not already own, said the company’s “stand-alone prospects continue to be excellent.”
Expedia shares closed up 34 cents at $58.99; shares of New York-based USA Interactive closed up 60 cents at $23.25. Both trade on Nasdaq.
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