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IAC/InterActiveCorp(IACI Quote) confirmed an agreement to acquire Ask Jeeves(ASKJ Quote) on Monday, paying $1.85 billion to wrap the scrappy search engine into its portfolio of Internet offerings.
IAC will issue 1.2668 shares for every Ask Jeeves share, valuing Ask Jeeves at about $28.24. The shares closed Monday at $24.24 and were halted for premarket trading at $28.05. IAC also said it will buy back about 60% of the shares it issues in the transaction under a previous repurchase authorization.
IAC expects the acquisition to be accretive to 2005 adjusted EPS, assuming the buyback at the 60% level. ...
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