Delaware court rules in favor of IAC's Diller
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Fri, 28 Mar 2008 22:04:07 GMT |
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NEW YORK (Reuters) - A Delaware court ruled in favor of IAC/InterActiveCorp chief Barry Diller on Friday in a legal dispute with controlling shareholder Liberty Media Corp, paving the way for him to proceed with a proposed spin-off of four company units.In 78-page ruling, Delaware Chancery Court Judge Stephen Lamb said Liberty failed to prove that Diller had breached a long-standing proxy agreement between the sides that allows Diller to run IAC.Liberty opposed a plan to structure the spun-off units in a way that would dilute its control over them as separate entities, and accused Diller of violating a long-standing proxy agreement between the sides with the proposal.Liberty owns about 30 percent of IAC, but retains 62 percent control through a class of super-voting shares. Diller has held the right to vote those shares under their proxy agreement.(Reporting by Michele Gershberg)
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