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IAC/InterActive Corp (NASDAQ:IAC) said Friday it has made a preliminary proposal to the special committee of directors formed by Match Group Inc (NASDAQ:MTCH) for a full separation of the companies.
The proposed separation deal would result in two independent public companies referred to as “New Match” and “New IAC,” according to a 13D filing.
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IAC would no longer have an ownership stake in Match Group following the separation, and IAC stockholders would receive shares of both New Match and New IAC in the transaction.
The transaction would be structured to be tax-free to IAC, Match Group and their respective stockholders and would also eliminate the dual-class common stock structure at New Match, with all pre-transaction stockholders of Match Group and IAC receiving a single class of “one share/one vote” capital stock of New Match.
Match Group shares were trading 1.6% higher at $74.80 at the time of publication, while IAC shares were 2% higher at $229.57.
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Photo courtesy of Tinder.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.