IAC And Liberty Agree On Board Rules Ahead Of Date In Court

Barry Diller has accused Liberty’s John Malone of creating chaos at IAC (NSDQ: IACI) by preventing the board from going about its business, during the companies’ ongoing legal dispute. At least that issue appears to be resolved. The two sides have filed legal documents, seen by Reuters, detailing how the IAC board can operate while the two sides work out their differences, with a planned date in court in March. The key point: the IAC board can remain intact, going about its business as it sees fit, but if it wants to engage in something “non-routine” it has to give Liberty five business days notice. This appears to be a compromise in that Liberty had wanted to tie IAC’s hands. Now IAC’s board can keep on making deals, but it has to give notice.