Liberty Looks for Expedia Exit, TripAdvisor Will Continue to be an Acquirer
Liberty Interactive, which cedes its voting control of Expedia Inc. to chairman Barry Diller and last month increased its stake of common stock to 18%, up from 10%, indicated at an investor conference that it hopes to shed its holdings in Expedia.
Bloomberg reports that Liberty CEO Greg Maffei told attendees at the FBR & Co.conference in New York October 9 that Liberty has mulled an asset swap or a distribution to shareholders as a means of getting out of Expedia.
Liberty controls 56% of Expedia Inc.'s voting rights and, through a long-term agreement, hands over that voting power to Diller, Expedia's longtime senior executive and chairman.
Bloomberg quotes Maffei as saying that iberty has considered acquiring Expedia Inc. outright, but "that's not what he [Diller] wanted."