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IN RE IAC/INTERACTIVE CORP.

C.A. No. 3486-VCL.

948 A.2d 471 (2008)

In re IAC/INTERACTIVE CORP.

Court of Chancery of Delaware.

Decided: March 28, 2008.

Attorney(s) appearing for the Case

Kevin G. Abrams, Esquire, A. Thompson Bayliss, Esquire, T. Brad Davey, Esquire, Nathan A. Cook, Esquire, Abrams & Laster, Wilmington, DE; Richard B. Harper, Esquire, Baker Botts, LLP, New York City, for the Liberty Parties.

Kenneth J. Nachbar, Esquire, Theodore A. Kittila, Esquire, Jeremy D. Eicher, Esquire, Morris Nichols Arsht & Tunnell, LLP, Wilmington, DE; Theodore A. Mirvis, Esquire, Paul K. Rowe, Esquire, Marc Wolinsky, Esquire, Ian Boczko, Esquire, Garrett B. Moritz, Esquire, Andrew Houston, Esquire, Lauren M. Kofke, Esquire, Wachtell, Lipton, Rosen & Katz, New York City, for the IAC Parties.

OPINION

LAMB, Vice Chancellor.

At the core of the dispute before the court is a proposal by IAC/InterActive Corp. to spin-off four of its subsidiaries as independent public companies ("spincos"), while remaining a public company itself. The immediate issue is whether, absent the consent of the owner of IAC's high-vote stock having a majority of the voting power, the capital structure of the spincos may be set up on the basis of a single class of common...

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