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Press release from PR Newswire

Match.com increases its stake in Meetic SA from 80.8% to 87.5% and Announces Planned Public Offer for all Outstanding Shares

Wednesday, September 25, 2013

Match.com increases its stake in Meetic SA from 80.8% to 87.5% and Announces Planned Public Offer for all Outstanding Shares

08:30 EDT Wednesday, September 25, 2013

NEW YORK, Sept. 25, 2013 /PRNewswire/ -- Match, the world's leading personals company and an operating segment of IAC (Nasdaq: IACI), announced today that it has increased its ownership stake in Meetic S.A. to 87.5% by acquiring all remaining shares held by Marc Simoncini, Meetic's founder, which represent 6.7% of the capital.

The acquisition was completed today through an off-market transaction with Jaina Capital and Jaina Ventures, two investment vehicles controlled by Mr. Simoncini at a price per share of ?18.75.  The aggregate purchase price was approximately ?29.5 million.  Following the acquisition, Match now owns 87.5% of the capital and 88.6% of the voting rights of Meetic.  Mr. Simoncini, who no longer owns, directly or indirectly, any Meetic shares, has resigned from Meetic's board of directors.

Match intends to launch a voluntary simplified public tender offer for all of the outstanding shares of Meetic S.A. at a price of ?18.75 per share in cash in the near term. The offer price represents a premium of approximately 51% on the closing price of Meetic shares on September 24, 2013.  It is Match's intention to implement a squeeze-out if it holds at least 95% of the capital and voting rights upon completion of the offer. If a squeeze-out cannot be implemented, Match intends to apply with Euronext Paris for a delisting of the Meetic shares.

The public offer will be filed with the French Securities Regulator (Autorite des marches financiers) in due course. 

"As the founder of Meetic, Marc has made invaluable contributions to the company," said Greg Blatt, CEO of IAC.  "We appreciate what a great partner he has been since we first joined with Meetic in 2009, and are looking forward to our next stage of stewardship of the company."

Meetic is a French stock corporation, with its registered office in Paris.  It is the leader in the European online dating market currently established in 15 European countries, and is available in 11 languages. In 2012, Meetic posted sales of ?164,8m and an EBITDA margin of 22.3%.  Meetic is listed in Compartment B of Euronext Paris of the NYSE Euronext (MEET.PA).  

About Match IAC's Match segment is the global leader in online dating, redefining the way millions of people meet, date and start relationships every day.  The segment consists of 37 brands in more than 25 countries, including Match.com, OkCupid, OurTime.com, Meetic and ParPerfeito, and manages an investment in Zhenai, a leading matchmaking company based in China.  Each of the various subscription-based, ad-supported and startup companies within this portfolio caters to the unique, individual preferences and personalities of users around the world.  More than 1,000,000 people around the world join these sites every week.  For more information please visit www.iac.com.

About IAC

IAC (NASDAQ: IACI) is a leading media and internet company comprised of more than 150 brands and products, including Ask.com, About.com, Match.com, HomeAdvisor.com and Vimeo.com.  Focused in the areas of search, applications, online dating, local and media, IAC's family of websites is one of the largest in the world, with more than a billion monthly visits across more than 30 countries. The company is headquartered in New York City with offices in various locations throughout the U.S. and internationally.  To view a full list of the companies of IAC, please visit our website at www.iac.com.

Contacts    IAC Investor Relations:                                  Nick Stoumpas                                                   (212) 314-7495   Nick.stoumpas@iac.com  

IAC Corporate Communications:  Justine Sacco  (212) 314-7326  Justine.sacco@iac.com 

Match:  Amy Canaday  214-576-9416  Amy.canaday@match.com

 

SOURCE IAC

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