shareholders cleared a plan to spin off the company's travel services unit into a new company to be called Expedia.
Barry Diller-run IAC comprises popular portals such as Match.com and LendingTree. It will soon add
to its group once that nearly $2 billion acquisition, unveiled in March, closes.
The company expects to close the spinoff during the week of Aug. 8, at which point it will have no ownership in Expedia.
Expedia shares will trade under the symbol EXPE on the
, and the rest of IAC will continue to trade on Nasdaq under IACI.
The company said holders of over 99% of IAC's outstanding shares of Series A convertible preferred stock have elected to receive $50 in cash per share plus accrued and unpaid dividends in return for their shares. This amount will be paid upon completion of the spinoff.
At market close Tuesday, shares in IAC were up 51 cents to $26.31.