Shares of Barry Diller's IAC/ InterActiveCorp rose nearly 5% ($1.03 per share) between March 24 and March 30, after the online conglomerate said it would begin a stock repurchase program to buy back as much as 102.9 million shares.
News of the share repurchase came about a week after IAC, which controls online travel giants Expedia.com and Hotels.com, as well as television channel the Home Shopping Network, announced a $1.85 billion deal to buy Internet search engine Ask Jeeves Inc. IAC said in a statement that it planned to buy back the shares--part of earlier repurchase authorizations in 2003 and 2004--beginning on March 29. The repurchase would also offset a portion of the dilution inherent in the all-stock transaction with Ask Jeeves. According to that deal, IAC plans to exchange 1.2668 shares of its stock for every share of Ask Jeeves.
IAC will buy back as much as 25% of its average daily volume during the past four calendar weeks, which as of March 28, was about 1.1 million shares daily. In addition, IAC said it could also repurchase stock in privately negotiated transactions.
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