"We have long believed in the power of video to advance human expression and transform businesses," said Anjali Sud, CEO of Vimeo. The separation is expected to afford numerous benefits, such as the creation of "pure-play" Vimeo equity currency through which the company could more effectively raise capital as it aims to invest further in product, technology, enterprise sales and international expansion and pursue strategic acquisitions. "It's time for Vimeo to spread its wings and become a great independent public company." "The combination of Vimeo's remarkable growth, solid leadership position, and enormous market opportunity have made clear its future," said Joey Levin, CEO, IAC.
#IAC VIMEO STOCK REGISTRATION#
Further details will be provided in a registration statement on Form S-4 relating to the transaction, which IAC and the new Vimeo holding company will soon file with the Securities and Exchange Commission. The proposed transaction is intended to qualify as tax-free to IAC and its stockholders for US federal income tax purposes. 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 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. Upon completion, Vimeo will become an independent, separately-traded public company, the 11 th such company to emerge from IAC and its predecessors.
#IAC VIMEO STOCK FULL#
22, 2020 /PRNewswire/ - IAC (NASDAQ: IAC) announced today its Board of Directors has approved a plan to spin-off its full stake in Vimeo, the world's leading video software company, to IAC shareholders. The spinoff is subject to conditions including final approval by IAC’s board of directors, approval of the separation proposal by IAC stockholders, and receipt of a tax opinion from the IRS.NEW YORK, Dec.
Under the terms of the proposed transaction, IAC stockholders would receive a proportionate amount of Vimeo stock and it’s structured to qualify as tax-free to IAC and its stockholders for U.S. Over the years, Diller’s holding company has spun off businesses including Match Group, Expedia, LendingTree, HSN (now part of Qurate), Ticketmaster (now part of Live Nation Entertainment) and ANGI Homeservices. Vimeo would be the 11th company to get spun out from IAC and its predecessors. “Today we have a rare opportunity to help every team and organization in the world integrate video throughout their operations, across all the ways they communicate and collaborate.” “We have long believed in the power of video to advance human expression and transform businesses,” Sud said in a statement. With the proposed spinoff, Vimeo CEO Anjali Sud ( pictured above) would remain at the helm. “It’s time for Vimeo to spread its wings and become a great independent public company.”
“The combination of Vimeo’s remarkable growth, solid leadership position, and enormous market opportunity have made clear its future,” IAC CEO Joey Levin said in announcing the spinoff plan. Upon completion, Vimeo would become an independent, separately traded public company IAC expects the Vimeo spinoff to occur in the second quarter of 2021, if the transaction is approved by shareholders.
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