FORBES - Dec 27 - As part of this transaction, MTCH shareholders will receive one share of New Match and $3/share in consideration (which they can choose to receive in cash or additional shares of New Match worth $3), while IAC will receive ~$680M ($3/share) in cash. IAC shareholders will receive 2.35 MTCH shares per IAC share. If MTCH public shareholders choose to receive their consideration in the form of MTCH shares, additional cash of $160M will be paid to IAC, reducing the distribution ratio to 2.32. IAC may potentially sell New Match equity shares worth $1.5B, the proceeds of which will be paid to IAC. IAC will transfer its complete debt of $1.7B to New Match, while MTCH will borrow $500M to fund the cash consideration of $840M ($680M + $160M). The transaction is expected to be completed by Q2 '20.
by Joe Cornell
See full article at Forbes
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