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USA Delays Exchange Offers

By Multi Channel News Staff -- Multichannel News, 6/7/2002 2:00:00 PM

Barry Diller delayed his company's plan to shell out $4.5 billion in USA Interactive stock to acquire the remaining shares it doesn't already own of three publicly traded subsidiaries -- Expedia, Ticketmaster and Hotels.com.

USA stock tanked 12.6 percent when it announced the plan Monday, and the company said the stock slide led to the delay.

'Although we had anticipated commencing exchange offers relatively quickly, market reaction -- including the effect we believe arbitrageurs have had on the exchange ratio -- has precluded a quick process. Therefore, we will not commence any exchange offers in the near future,' USA said in a prepared statement.

The company added that it won't issue more of its stock to the companies in order to seal the deal. 'Circumstances may change, but we have no intention of increasing the conversion ratios,' USA said.

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