Huge Expedia Buyback

Expedia (EXPE Quote) said it will buy back up to 30 million common shares for $18.50 to $22 each in a so-called Dutch auction.

The Bellevue, Wash., travel-services company said it expects to pare its share count by 9% or 10% in the deal, which is due to start Monday and expire a month later.

Stockholders must indicate how many shares and at what price within the specified range they wish to tender. Based on the number of shares tendered and the prices specified by the tendering stockholders, the company will determine the lowest price per share within the range that will enable it to purchase 30 million shares, or such lesser number of shares as are properly tendered.

Expedia's directors and executive officers and Liberty Media (LBTYA Quote) have advised the company that they do not intend to tender any shares in the tender offer.

Shares were halted Friday afternoon at $18.85.