NEW YORK, and OAKLAND, Calif., July 19 /PRNewswire-FirstCall/ --
IAC/InterActiveCorp (Nasdaq: IACI) today announced the successful completion
of its acquisition of Ask Jeeves, a leading provider of information retrieval
technologies, brands and Internet advertising services.
Under the terms of the merger agreement each share of Ask Jeeves common
stock was converted into the right to receive 1.2668 shares of IAC common
stock, and options to purchase Ask Jeeves common stock were converted into
options to acquire IAC common stock. In addition, in connection with the
transaction, IAC has irrevocably and unconditionally guaranteed Ask Jeeves'
outstanding convertible subordinated notes due 2008; these notes are now
convertible into shares of IAC common stock in accordance with their terms.
In the transaction, IAC has issued approximately 74.8 million shares of
IAC common stock in respect of Ask Jeeves' outstanding stock, and expects to
issue approximately 13.2 million additional shares in respect of Ask Jeeves'
outstanding convertible notes and in-the-money stock options. As previously
announced, IAC has offset a substantial portion of the dilution resulting from
the transaction through its repurchase of 52.8 millions shares of its common
stock.
Shares of Ask Jeeves common stock, which prior to the merger traded on the
Nasdaq National Market under the symbol "ASKJ", were delisted from trading as
of the close of the market on Tuesday, July 19.
Ask Jeeves will continue as an operating business of IAC, residing in the
'Media & Advertising' sector of IAC, pursuant to IAC's recently announced new
reporting configuration.
About IAC/InterActiveCorp
IAC operates leading and diversified businesses in sectors being
transformed by the internet, online and offline ... our mission is to harness
the power of interactivity to make daily life easier and more productive for
people all over the world. To view a full list of the companies of IAC please
visit our website at http://www.iac.com.
Contacts:
IAC Corporate Communications
Deborah Roth
(212) 314-7254
IAC Investor Relations
Roger Clark / Eoin Ryan
(212) 314-7400
Safe Harbor Statement Under The Private Securities Litigation Reform Act
Of 1995
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements relating to IAC's anticipated
financial performance, business prospects, new developments and similar
matters, and/or statements preceded by, followed by or that include the words
"believes," "could," "expects," "anticipates," "estimates," "intends,"
"plans," "projects," "seeks," or similar expressions. These forward-looking
statements are based on management's current expectations and assumptions,
which are inherently subject to uncertainties, risks and changes in
circumstances that are difficult to predict. Actual results may differ
materially from those suggested by the forward-looking statements due to a
variety of factors, including changes in business, political, and economic
conditions due to the threat of future terrorist activity, actions and
initiatives by current and potential competitors, the effect of current and
future legislation or regulation, the ability to expand our reach into
international markets, and certain other additional factors described in IAC's
filings with the Securities and Exchange Commission. Other unknown or
unpredictable factors also could have material adverse effects on IAC's future
results, performance or achievements. In light of these risks, uncertainties,
assumptions and factors, the forward-looking events discussed in this press
release may not occur. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date stated, or if no
date is stated, as of the date of this press release. IAC is not under any
obligation and does not intend to make publicly available any update or other
revisions to any of the forward-looking statements contained in this press
release to reflect circumstances existing after the date of this press release
or to reflect the occurrence of future events even if experience or future
events make it clear that any expected results expressed or implied by those
forward-looking statements will not be realized.
SOURCE IAC/InterActiveCorp
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Related links:
http://www.iac.com
CONTACT:
Deborah Roth, IAC Corporate Communications,
+1-212-314-7254, or Roger Clark or Eoin Ryan, IAC Investor
Relations, +1-212-314-7400, all of IAC/InterActiveCorp
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