Exhibit (a)(5)(J)
Expedia, Inc. Announces Preliminary Results of Modified Dutch Auction
Tender Offer
BELLEVUE, Washington, August 9, 2007 Expedia, Inc. (NASDAQ: EXPE) today announced the
preliminary results of its modified Dutch auction tender offer for up to 25 million shares of its
common stock, which expired at 5:00 p.m., New York City time, on August 8, 2007.
Based on a preliminary count by the depositary for the tender offer, a total of 62,170,148 shares
of common stock were properly tendered and not withdrawn at prices within the stated range for the
tender offer of $27.50 to $30.00 per share. Of the total shares of common stock tendered, based on
the preliminary count, 30,105,267 shares were properly tendered and not withdrawn at prices at or
below $29.00 per share, including 12,788,252 shares that were tendered through notice of guaranteed
delivery.
Based on the preliminary results, Expedia expects to acquire 25 million properly tendered shares at
a purchase price of $29.00 per share, for a total cost of approximately $725 million, excluding
fees and expenses relating to the tender offer. These shares represent approximately 8.9% of the
shares of common stock outstanding and approximately 8.2% of the total number of shares of common
stock and Class B common stock outstanding as of August 3, 2007. In accordance with the terms of
the tender offer, Expedia expects to purchase only a prorated portion of the shares properly
tendered by each tendering stockholder at or below the final per share purchase price, other than
odd lot tenders. Based on the preliminary count, the depositary has informed Expedia that the
proration factor is approximately 83%.
The number of shares properly tendered and not withdrawn, the price per share and the proration
factor are preliminary and are subject to verification by the depositary. The final number of
shares purchased, the final price per share and the final proration factor will be announced as
soon as practicable following completion of the verification process. Payment for the shares
accepted for purchase under the tender offer, and return of all other shares tendered and not
purchased, will occur promptly thereafter.
Expedias Board of Directors has previously authorized the repurchase of up to an additional 20
million shares of common stock. Whether or not Expedia may make such repurchases or any additional
repurchases will depend on many factors, including Expedias business and financial performance,
market conditions, including the trading price of Expedias shares, availability of financing on
acceptable terms and such other factors as Expedia may consider relevant. Rule 13e-4 under the
Securities Exchange Act of 1934, as amended, prohibits Expedia and its affiliates from purchasing
shares of common stock, other than in the tender offer, until the expiration of ten business days
following the expiration of the tender offer.
The information agent for the tender offer is MacKenzie Partners, Inc. and the depositary for the
tender offer is The Bank of New York. For questions and information, please call the information
agent toll-free in the United States and Canada at 1-800-322-2885, and in all other countries at
+1-212-929-5500.
About Expedia
Expedia, Inc. is the worlds leading online travel company, empowering business and leisure
travelers with the tools and information they need to easily research, plan, book, and experience
travel. Expedia, Inc. also provides wholesale travel to offline retail travel agents. Expedia,
Inc.s portfolio of brands includes: Expedia.com®, hotels.com®, Hotwire®, Expedia® Corporate
Travel, TripAdvisor® and Classic Vacations®. Expedia, Inc.s companies also operate internationally
with sites in Australia, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Norway,
Spain, Sweden, the United Kingdom, and China, through its investment in eLong. For more
information, visit http://www.expediainc.com/ (NASDAQ: EXPE).
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 regarding the results of the tender offer. These statements are not
guarantees of future results. Additional cautionary statements regarding risk factors that could
have an effect on the future performance of Expedia, Inc. are contained in its filings with the
SEC, including its Annual Report on Form 10-K. Expedia, Inc. undertakes no obligation to release
publicly the results of any revisions to these forward-looking statements that may be made to
reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated
events.
Contact:
MacKenzie Partners, Inc.
United States and Canada: 1-800-322-2885
All other countries: +1-212-929-5500
Expedia and Expedia.com are either registered trademarks or trademarks of Expedia, Inc. in
the U.S. and/or other countries. Other logos or product and company names mentioned herein may be
the property of their respective owners.
Contacts
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Investor Relations
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Communications |
(425) 679-3555
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(425) 679-4317 |
ir@expedia.com
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press@expedia.com |
© 2007 Expedia, Inc. All rights reserved. CST 2029030-40.