IAC/InterActiveCorp Completes eLong Warrant Exercise
January 10 2005 - 8:02AM
PR Newswire (US)
IAC/InterActiveCorp Completes eLong Warrant Exercise NEW YORK, Jan.
10 /PRNewswire-FirstCall/ -- IAC/InterActiveCorp (NASDAQ:IACI) has
successfully completed the purchase of 17,362,134 shares of
high-vote ordinary stock of eLong, Inc. (NASDAQ:LONG), a leading
online travel service provider in China, for $6.21 per high-vote
ordinary share (the equivalent of $12.42 per ADS), or an aggregate
cash purchase price of approximately $108 million. As a result of
the purchase, IAC now owns approximately 52% of the outstanding
capital stock of eLong (on a fully diluted basis), representing
approximately 96% of the total voting power of eLong. IAC's
investment in eLong will continue to be managed by IAC Travel --
Asia Pacific, a division of IAC Travel, and its financial results
will be consolidated with those of IAC, as part of IAC Travel.
About eLong, Inc. Founded in 1999, eLong is an independent travel
service company headquartered in Beijing with a national presence
across China. The Company uses web-based distribution technologies
and a 24-hour nationwide call center to provide consumers with
consolidated travel information and the ability to access hotel
reservations at discounted rates at over 2,600 hotels in major
cities across China. The Company also offers air ticketing and
other travel related services, such as rental cars, vacation
packages and corporate travel services. eLong operates the websites
http://www.elong.com/ and http://www.elong.net/. About
IAC/InterActiveCorp IAC operates leading and diversified businesses
in sectors being transformed by the internet, online and offline...
our mission is to harness the power of interactivity to make daily
life easier and more productive for people all over the world. To
view a full list of the companies of IAC please visit our website
at http://iac.com/. Contact Information: IAC Corporate
Communications Deborah Roth 212/314-7254 Andrea Riggs 212/314-7280
IAC Investor Relations Roger Clark Lauren Porat 212/314-7400 (Logo:
http://www.newscom.com/cgi-bin/prnh/20031105/NYW076LOGO ) Photo:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20031105/NYW076LOGO AP
Archive: http://photoarchive.ap.org PRN Photo Desk,
photodesk@prnewswire.com DATASOURCE: IAC/InterActiveCorp CONTACT:
Deborah Roth, +1-212-314-7254, or Andrea Riggs, +1-212-314-7280,
both of IAC Corporate Communications; Roger Clark or Lauren Porat,
+1-212-314-7400, both of IAC Investor Relations Web site:
http://www.iac.com/ http://www.elong.com/ http://www.elong.net/
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