Board resignations pound IAC shares.(Stock focus: IAC/InterActiveCorp (NASDAQ--IACI))(Brief Article)
Multichannel News, September, 2004
Shares of IAC/InterActiveCorp dipped 7% ($1.65 per share)in the three days leading to Sept. 22, after the Internet commerce giant said two members of its board of directors would resign to eliminate any potential conflicts of interest.
On Sept. 17, Liberty Media chairman John Malone and CEO Robert Bennett said they would resign from the IAC board of directors. The potential conflict of interest stems from Liberty's 98% ownership of cable shopping channel QVC Inc., a direct competitor of IAC's HSN. Liberty also owns a 20% equity interest in IAC. According to the SEC filing, Liberty has a contractual right to fill the existing board vacancies.
The resignations sparked speculation that IAC chairman Barry Diller would attempt to take the company...
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