Barry Diller generated plenty of coverage today as he took testified in the IAC/Liberty trial. But the relevant news came before Barry took the stand — the two companies are still hoping to settle this out of court. Reuters:
Shares in IAC/InterActiveCorp rose nearly 5 per cent on Thursday as investors hoped the U.S. company would soon have some resolution of its legal dispute with controlling shareholder Liberty Media Corp.
During morning testimony an IAC (IACI) lawyer said there were likely still talks between IAC and its controlling shareholder Liberty Media in a dispute over a spin-off of four IAC businesses.
“I think there are settlement discussions which obviously I would not testify about,” Pamela Seymon of the firm Wachtell Lipton Rosen & Katz told the Delaware Chancery Court.
Settlement talks over a potential swap of an IAC asset for Liberty’s IAC shares have continued since the two sides sued each other in late January, but did not prevent a trial.