Lending Tree
Lending Tree is an online lending and realty services exchange that empowers consumers -- "When Lenders Compete, You Win".
* let consumers choose from up to four competitive loan offers from major, national, regional, and local Lenders across the U.S. "When Banks Compete, You Win"
* connect consumers with a network of REALTORS who can help buy or sell your home. REALTORS represent major franchises and independents nationwide, so whether you're staying in town, or moving to another state, Lending Tree can match you with a local expert!
* provide a convenient 'one-stop-shop' destination for your home and loan needs by giving you choices, convenience and value while finding the loan or home that's perfect for you.
Ownership
August 8, 2003
IAC Completes Acquistion Of Lending Tree
New York, NY - August 8, 2003 - IAC/InterActiveCorp (Nasdaq: IACI) today announced the successful completion of its acquisition of Lending Tree, Inc. through the merger of a subsidiary of IAC with and into Lending Tree. Lending Tree, the leading online lending and real estate exchange, will continue operations as an operating business of IAC. This acquisition became effective as of the close of market today.
As a result of the acquisition, Lending Tree shareholders will receive 0.6199 of a share of IAC common stock for each share of Lending Tree common stock they owned and options to purchase Lending Tree common stock were converted into options to purchase shares of IAC common stock. Holders of Lending Tree preferred stock will receive shares of common stock of IAC on an as-converted basis in exchange for their preferred shares. In this transaction, IAC will issue to Lending Tree shareholders approximately 18.8 basic shares and 21.1 shares on a fully diluted, treasury method basis.
Shares of Lending Tree common stock, which prior to the merger traded on the Nasdaq National Market under the symbol "TREE," were delisted from trading as of the close of the market on Friday, August 8, 2003.
About Lending Tree, Inc.
Founded in 1996, Lending Tree is the leading online lending Exchange that connects consumers, Lenders, REALTORS(R), and related service providers. The Lending Tree Exchange is made up of more than 200 banks, lenders, and brokers (Lenders) and has facilitated more than $55 billion in closed loans since inception. More than 10 million consumers have accessed the Lending Tree Exchange through the Company's site at www.lendingtree.com and through online and offline partners. Loans available via the Lending Tree Exchange include home mortgage, home equity, automobile, personal, debt consolidation, and credit cards. Lending Tree is the No. 1 brand in the online lending market for consumers, with 67 percent national awareness. The Lending Tree Lend-X technology has been cited as 'the platform of choice'(a) for online lending and has been adopted by industry leaders to power their online lending initiatives. The Lending Tree Realty Services offering connects consumers to a nationwide network of approximately 9,000 REALTORS(R). Lending Tree's services and products are specifically designed to empower consumers, Lenders, and related service providers throughout the lending process, delivering convenience, choice, and excellent value.
About IAC/InterActiveCorp
IAC/InterActiveCorp (Nasdaq: IACI), formerly USA Interactive, is comprised of the following operating businesses: Expedia, Inc., which oversees Interval International and TV Travel Shop; Hotels.com; HSN; Ticketmaster, which oversees Evite and ReserveAmerica; Match.com, which oversees uDate.com; Entertainment Publications; Citysearch; Precision Response Corporation; and Lending Tree. The goal of IAC is to be the world's largest and most profitable interactive commerce company by pursuing a multi-brand strategy.
(a) Resuscitating Mortgage Lending. Forrester Research, March 2001
REALTOR(R) - A registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS(R) and subscribes to its strict Code of Ethics.
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