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Article: Diller: IAC `extremely lucky' with split timing
- Article from:
- AP Online
- Article date:
- October 1, 2008
- Author:
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Barry Diller is feeling very lucky right now.
The consummate deal maker split his Internet conglomerate, IAC/InterActiveCorp, into five publicly traded companies in late August _ and not a moment too soon, he told The Associated Press in an interview this week. IAC borrowed $2 billion to finance three of the five companies.
"Some of our advisers said to us, `Wait a few weeks,' and we said, `We're not waiting an hour,'" he said in a conference room that afforded him glances at TV monitors where Monday's 778-point drop in the Dow Jones Industrial Average was unfolding. "And that was wise, because if we had tried to finance the spin transactions now we'd be frozen. ...