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EXPE

Expedia

$125.43

-0.39 (-0.31%)

, LEXEA

Liberty Expedia Holdings

$45.03

-0.1 (-0.22%)

08:04
04/16/19
04/16
08:04
04/16/19
08:04

Expedia to acquire Liberty Expedia Holdings in all-stock transaction

Expedia Group (EXPE) and Liberty Expedia Holdings (LEXEA, LEXEB) announced that they have entered into a definitive agreement under which Expedia Group has agreed to acquire Liberty Expedia in an all-stock transaction. Liberty Expedia's principal asset is approximately 23.9 million shares of Expedia Group, consisting of 11.1 million shares of Expedia Group common stock and 12.8 million shares of Expedia Group Class B common stock. Under the terms of the agreement, each holder of Liberty Expedia Series A common stock and Series B common stock will receive 0.360 of a share of Expedia Group common stock. As a result of this transaction, Expedia Group expects to retire, on a net basis, approximately 3.1 million shares, and former holders of Liberty Expedia common stock are expected to own, in the aggregate, shares of Expedia Group common stock representing approximately 14% of the total number of outstanding shares of Expedia Group common stock and Class B common stock, based on approximately 140 million shares of Expedia Group common stock and approximately 5.7 million shares of Expedia Group Class B common stock currently expected to be outstanding at the closing of the transaction. In connection with the acquisition, Barry Diller, Chairman and Senior Executive of Expedia Group, is expected to exchange up to 5.7 million shares of Expedia Group common stock for an equal number of shares of Expedia Group Class B common stock and enter into a new governance agreement regarding his ownership interest in Expedia Group. As a result of the transaction, Diller will own approximately 29% of the voting power of the company, and Expedia Group will no longer be a controlled company under applicable Nasdaq rules. The Boards of Directors of both companies approved the transaction. Prior to executing the transaction agreements, the parties terminated the proxy swap arrangements that had been in place since Liberty Expedia's 2016 split-off from then-Liberty Interactive Corporation. As a result, Mr. Diller may again exercise his right to vote Liberty Expedia's shares of Expedia Group stock pursuant to his legacy proxy, and Mr. Diller no longer holds a proxy over shares of Liberty Expedia common stock beneficially owned by Dr. Malone.

EXPE

Expedia

$125.43

-0.39 (-0.31%)

LEXEA

Liberty Expedia Holdings

$45.03

-0.1 (-0.22%)

LEXEB

Liberty Expedia Holdings

$48.00

(0.00%)

  • 02

    May

EXPE Expedia
$125.43

-0.39 (-0.31%)

03/01/19
ARGS
03/01/19
UPGRADE
ARGS
Buy
Expedia upgraded to Buy from Hold at Argus
03/01/19
03/01/19
UPGRADE
Target $158

Buy
Expedia upgraded to Buy at Argus on strong Q4 and valuation
As previously reported, Argus analyst John Staszak upgraded Expedia to Buy from Hold with a price target of $158, also raising his FY19 EPS view to $6.90 from $6.10 and setting FY20 EPS target at $7.95. The analyst cites the company's "strong" Q4 results, anticipated 10%-15% adjusted EBITDA growth in 2019, the management's optimism about continued international expansion, and its attractive valuation at 17.9-times his expected forward earnings - which is at the low end of its 17- to 36-times 5-year historical range.
03/01/19
03/01/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Hertz (HTZ) upgraded to Equal Weight from Underweight at Barclays with analyst Brian Johnson saying strength in used car and rental car prices creates a favorable backdrop for Hertz to refinance its corporate debt. 2. L Brands (LB) upgraded to Overweight from Equal Weight at Barclays with analyst Chethan Mallela saying the company's fiscal 2019 guidance should establish an earnings "floor," which creates an "increasingly positive" risk/reward for the shares. 3. Kraft Heinz (KHC) upgraded to Hold from Sell at Societe Generale. 4. Edison International (EIX) upgraded to Neutral from Underperform at BofA/Merrill with analyst Julien Dumoulin-Smith saying he sees progress by the California legislature to address utilities' current status of "insurer of last resort," potentially allowing a recovery in Edison shares. 5. Expedia (EXPE) upgraded to Buy from Hold at Argus with analyst John Staszak citing the company's "strong" Q4 results, anticipated 10%-15% adjusted EBITDA growth in 2019, the management's optimism about continued international expansion, and its attractive valuation at 17.9-times his expected forward earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/22/19
RHCO
03/22/19
NO CHANGE
Target $185
RHCO
Buy
Expedia RNG trending in line with expected modest slowdown, says SunTrust
SunTrust analyst Naved Khan kept his Buy rating and $185 price target on Expedia, saying his quarter-to-date data analysis suggests that its Room Nights Growth, or RNG, is trending in line with expectation of a "modest slowdown" and room rates are edging up. The analyst notes that the leisure travel environment for Expedia is "relatively stable" in the U.S., even though Europe continues to see challenges from tough macro backdrop uncertainty.
LEXEA Liberty Expedia Holdings
$45.03

-0.1 (-0.22%)

10/16/18
EVER
10/16/18
INITIATION
Target $51
EVER
Outperform
Liberty Expedia Holdings initiated with an Outperform at Evercore ISI
Evercore ISI initiated Liberty Expedia Holdings with an Outperform and $51 price target.
02/26/19
GUGG
02/26/19
DOWNGRADE
GUGG
Neutral
Liberty Expedia Holdings downgraded to Neutral from Buy at Guggenheim
02/26/19
02/26/19
DOWNGRADE

Neutral
Liberty Expedia Holdings downgraded to Neutral at Guggenheim
As previously reported, Guggenheim downgraded Liberty Expedia Holdings (LEXEA) to Neutral from Buy following reports Expedia (EXPE) is in talks to acquire the company in a stock swap involving little to no premium. Analyst Jake Fuller sees limited upside to shares given the proposed ratio range.
LEXEB Liberty Expedia Holdings
$48.00

(0.00%)

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EFSC

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BPRN

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