IAC and Match Group Announce Extension of Election Deadline for Match Stockholders to Elect Form of Consideration; Technical Change to Treatment of Fractional Shares; Closing of Separation Expected by June 30th

About this update from Match Group, Inc.

[{"type":"text","content":"NEW YORK and DALLAS, June 22, 2020 /PRNewswire/ -- IAC (NASDAQ: IAC) (\"IAC\") and Match Group (NASDAQ: MTCH) (\"Match\") today announced that they have agreed to modify the treatment of fractional shares in the separation of IAC and Match (the \"Separation\") and have extended the deadline (the \"Election Deadline\") for stockholders of Match to elect the form of consideration they wish to receive in connection with the Separation until 5:00 p.m., New York City time, on June 25, 2020.\n\n \n \n \n \n \n \n\n \nSpecifically, IAC and Match announced that all Match stockholders will now receive cash in lieu of fractional shares of post-Separation Match Group (after aggregating all fractional shares that would otherwise be issuable to such holder). The parties executed an amendment to the Transaction Agreement, dated as of December 19, 2019 and as amended (the \"Transaction Agreement\"), by and among IAC, Match, IAC Holdings, Inc. (\"New IAC\"), and Valentine Merger Sub LLC to effect this change. \nExcept for the amendment described above, the terms of the Transaction Agreement are unchanged. The new Election Deadline does not alter the deadline for stockholders of Match or IAC to vote on the proposals to be presented for approval at their respective upcoming stockholder meetings or the measurement period for any calculations in the Transaction Agreement. IAC's annual meeting of stockholders and Match's special meeting of stockholders to approve matters relating to the proposed Separation are still scheduled to be held on June 25, 2020. The parties expect to complete the Separation by June 30, subject to the satisfaction or waiver of certain conditions contained in the Transaction Agreement, including the receipt of the requisite approvals from the stockholders of IAC and Match.\nElection Procedures\nA more detailed description of the consideration to which Match stockholders are entitled and the procedures applicable to elections is contained in the Joint Proxy Statement/Prospectus dated April 30, 2020, copies of which may be obtained for free by following the instructions below.\nMatch stockholders who have previously made elections and do not wish to change them need not take any action, as any elections made prior to the previously announced election deadline will continue to be valid unless withdrawn. Match stockholders wishin...

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