Barry Diller Can't Retake Control of Expedia Group Just Yet, Court Orders
Skift Take
Barry Diller's alleged right to retake control of Expedia Group, after wielding such power for 14 years, is under attack. At the least, the court-ordered delay in allowing him to exercise such rights could cost the Expedia chairman a ton of money.
Expedia Group chairman Barry Diller's alleged right to retake voting control of the company has run into speed bump because of a shareholder lawsuit.
As part of that litigation in a Delaware state court, Expedia stipulated and the court ordered that the status quo should remain in effect, and that Diller would be unable to exercise his right on or before April 26 to purchase enough Class B shares to secure around 50 percent voting control of the company. [See a copy of the March 30 order embedded below.]
Diller can't exercise his right under the company's now-previous governance agreement to purchase any additional preferred shares subject to the completion of an internal investigation by the company's special litigation committee, which is composed of independent directors. Subject to the approval of the co
