USA Interactive to Buy Rest of Hotels.com
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Barry Diller’s USA Interactive agreed to acquire the 32% of Hotels.com it doesn’t already own for about $1.1 billion in stock, the final step in Diller’s plan to buy USA’s publicly traded units.
USA will swap 2.4 shares for each share of Hotels.com, an online seller of discounted hotel rooms. The price values Hotels.com at about $60.24 a share, 13% more than its closing price Wednesday.
Hotels.com will remain separate from USA’s Expedia Inc., the largest online travel agency.
Shares of all three rose on Nasdaq. New York-based USA rose $1.59 to $26.69, Hotels.com rose $10.20 to $63.50 and Expedia rose $2.96 to $51.31.
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