Liberty Loses Bid to Block IAC Breakup

Mar 28, 2008  •  Post A Comment

Liberty Media lost its bid to block Barry Diller’s plan to divide IAC, the Wall Street Journal reports. Delaware courts denied a petition from Liberty, led by media mogul John Malone, today on the grounds that Liberty’s position as IAC majority shareholder does not grant it the right to veto the proposal. The court did not comment on whether the proposal would violate IAC duties to shareholders, noting that the issue will only become legally relevant when it gets to a board vote.

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