Monday, June 18, 2007

Expedia rumour #94 - total rubbish apparently

The infamous sparked a frenzy in the US on Friday by publishing a story about Expedia and its plans to go private AND spin off TripAdvisor.

The story was picked up immediately across the financial media - Business Week and Forbes - and quickly denied by Expedia spokespeople.

The Fly's source was a certain Barry Diller, chairman and senior executive, who was said to be "looking to take the Bellevue, Washington, company private for $30 per share" and "spin off TripAdvisor, a travel advice and review site, and cut 400 jobs".

Needless to say, despite the protestations of Expedia, its share price soared on Friday trading (as you can see on Yahoo Finance).

Kevin May, editor, Travolution

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1 comment:

Steve E said...

And now they're planning to buy back $3.5bn of stock from investors.

They're either trying to inflate the share price to please someone (potential investor?) or lining up a buyout of sorts.