Shares of media and Internet company IAC/InterActiveCorp (IAC) are rising more than 14% Tuesday morning after the company said its board approved a plan to spin-off its full stake in video software company, Vimeo to IAC shareholders.
Following this, Vimeo will become separately traded public company.
IAC plans to hold a stockholder meeting in the first quarter of 2021 to review and approve a proposal to implement the spin-off which, if approved, is expected to occur in the second quarter of 2021.
The transaction is anticipated to take the form of a reclassification of IAC shares, with the effect of IAC stockholders receiving a proportionate amount of Vimeo stock.
IAC, currently at $184.12, touched a new 52-week high of $187.78 this morning.
For comments and feedback: editorial@rttnews.com