NEW YORK, June, 5, 2002 (PRIMEZONE) -- The law firm of Wechsler Harwood Halebian & Feffer LLP announces the commencement of a shareholder action against Expedia, Inc. (Nasdaq:EXPE) captioned: Wasserman v. Diller, et al., C.A. No. 02-2-16700-4SEA brought in Superior Court of Washington For King County.
The action was brought following an offer by USA Networks' subsidiary, USA Interactive, to buy each publicly held share of Expedia in exchange for 2.6969 USA Interactive shares (the "USA Offer"). Defendant USA Networks and its designees currently hold 64.2% of Expedia's outstanding stock and has a 94.9% voting control. Based upon the relative valuations of USA Networks and Expedia, the USA Offer values Expedia shares at $76.86 per share. Expedia shares closed on Friday, May 31, 2002 at $71.50 per share. Therefore, the USA Offer includes a premium of only 7%, which is considerably lower than the norm in instances where a majority stockholder seeks to acquire all of the publicly traded shares of a company. Plaintiff seeks to compel defendants to increase the consideration offered or recover damages as a result of the inadequate price.
If you own the stock of Expedia and wish to discuss this action with us, or have any questions concerning your rights and interests as a shareholder of Expedia with regard to the case, please contact the following:
Wechsler Harwood Halebian & Feffer LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca