Expedia to repurchase more than 116 million shares of stock in tender offer

By Lisa Kerner

Charlotte, N.C., June 19 - Expedia, Inc. said it plans to repurchase up to 116,666,665 shares, or roughly 42%, of its common stock in a modified Dutch auction tender offer slated to begin the week of June 25. The repurchase price will be between $27.50 and $30.00 per share.

The tender offer will expire during the week of Aug. 6, unless extended.

Expedia's directors and executive officers and Liberty Media Corp. do not intend to tender any shares in the offer.

"With this action, we couldn't be clearer that the management and the board of this company are confident in the value of Expedia and in its long-term future," chairman and senior executive Barry Diller said in a company news release.

Expedia is a Bellevue, Wash.-based online travel services company.

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