Expedia (EXPE) Gets 'Overwhelming' Shareholder Approval for TripAdvisor Spin-Off
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Expedia, Inc. (Nasdaq: EXPE) stockholders overwhelmingly approved the spin-off of TripAdvisor, Inc. and the related proposals submitted at Expedia's annual meeting of stockholders held earlier today, including the one-for-two reverse stock split proposal, the conversion of the outstanding shares of Expedia Series A preferred stock into the right to receive a fixed amount of cash pursuant to a merger, and various amendments to Expedia's certificate of incorporation.
The approval included a favorable vote by more than a majority of the non-management shares. Expedia expects the transaction to close on or about December 20, 2011, including implementation of a one-for-two reverse stock split of Expedia stock immediately prior to the spin-off.
The approval included a favorable vote by more than a majority of the non-management shares. Expedia expects the transaction to close on or about December 20, 2011, including implementation of a one-for-two reverse stock split of Expedia stock immediately prior to the spin-off.
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