SOURCE: Stroock & Stroock & Lavan

June 13, 2008 07:00 ET

Majority Holders of 7% Senior Notes Issued by IAC/InterActiveCorp Reject Tender Offer and Consent Solicitation

NEW YORK, NY--(Marketwire - June 13, 2008) - Stroock & Stroock & Lavan LLP (www.stroock.com), a leading national law firm with offices in New York, Miami and Los Angeles, announced today that it represents parties (the "Noteholders") holding more than a majority of the 7% Senior Notes due 2013 (the "Senior Notes") issued by IAC/InterActiveCorp (NASDAQ: IACI) ("IAC").

The Noteholders recently executed an agreement providing for the rejection of IAC's tender offer and consent solicitation announced on June 11, 2008. Stroock partner Kris Hansen, who leads the representation, remarked, "The Noteholders were extremely disappointed with the terms of the tender offer and consent solicitation and believe that IAC's intent to spin off substantially all of its assets while leaving the Senior Notes behind violates the terms of the indenture governing the Senior Notes."

Mr. Hansen added, "IAC's attempt to tender for the Senior Notes at less than the contractual redemption price in order to strip the asset transfer covenant from the indenture will not be successful, but the Noteholders remain optimistic that IAC will adhere to its legal obligations."

Mr. Hansen can be reached at 212-806-6056 or khansen@stroock.com.

Stroock & Stroock & Lavan LLP is a law firm providing transactional and litigation guidance to leading multinational corporations, investment banks and venture capital firms in the U.S. and abroad. Stroock's emphasis on client service and innovation has made it one of the nation's leading law firms for 130 years. Stroock's practice areas include: capital markets/securities, commercial finance, mergers & acquisitions and joint ventures, private equity/venture capital, private funds, derivatives and commodities, employment law and benefits, energy and project finance, entertainment, environmental law, financial restructuring, financial services litigation, insurance, intellectual property, investment management, litigation, personal client services, real estate, structured finance and tax. For more information, please visit Stroock's website at www.stroock.com.

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