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IAC Inc. (NASDAQ:IAC), a leading media and Internet company currently valued at $4.06 billion, has announced the completion of the spin-off of Angi Inc. (NASDAQ:ANGI), a digital marketplace for home services, by declaring a special dividend. The distribution of Angi Class A common stock to IAC stockholders is scheduled for March 31, 2025. According to InvestingPro analysis, IAC maintains a "GOOD" financial health score, with liquid assets exceeding short-term obligations and moderate debt levels.
Stockholders of record as of March 25, 2025, will receive 0.5251 shares of Angi Class A common stock for each share of IAC common or Class B stock held. Fractional shares will not be distributed; instead, shareholders will receive a cash payment. Post-distribution, IAC will not retain any Angi capital stock.
The spin-off is aimed at providing both IAC and Angi with increased operational flexibility and a more focused strategic approach. Trading of Angi’s Class A common stock has been occurring on the Nasdaq under the symbol "ANGI" and will continue as such, with an additional "when-issued" trading under the ticker "ANGIV" leading up to the Distribution Date. IAC common stock, currently trading at $48.86, has been and will continue to trade on Nasdaq under the ticker "IAC" with entitlement to the Angi stock dividend and on a "when-issued" basis under "IACVV" without the entitlement. The ex-dividend date is set for April 1, 2025. While IAC has not been profitable over the last twelve months, InvestingPro data indicates analysts expect profitability to return this year.
This strategic move follows the board’s decision from March 7, 2025, and is detailed in the Registration Statement on Form S-3, filed by Angi. The transaction is subject to customary conditions, which have been satisfied or waived as of the distribution. Based on InvestingPro’s Fair Value analysis, IAC appears to be trading below its intrinsic value, suggesting potential upside for investors following the spin-off completion.
This information, based on a press release statement, is provided to comply with Regulation FD and is not intended for promotional purposes. The forward-looking statements included in the SEC filing, such as the expected benefits of the spin-off and future financial performance, involve risks and uncertainties that could cause actual results to differ materially. These risks include market conditions, competition, and technological advancements, among others.
IAC’s management has not committed to updating any forward-looking statements after the date of the original SEC filing. The completion of this spin-off marks a significant milestone for both IAC and Angi as they embark on their respective paths as independent entities.
In other recent news, IAC Inc. announced the spin-off of its subsidiary, Angi Inc., with a special dividend distribution of all Angi capital stock to IAC shareholders. The distribution is set for March 31, 2025, and will be based on a preliminary ratio of approximately 0.5178 shares of Angi Class A common stock for each share of IAC stock. Additionally, IAC Inc. has expanded its share repurchase program, authorizing the repurchase of an additional 10 million shares, as disclosed in a recent SEC filing. This move is part of IAC’s strategy to return value to shareholders.
In related developments, JPMorgan has upgraded IAC’s stock to an Overweight rating with a $60 price target, citing the upcoming Angi spin-off as a potential catalyst for unlocking portfolio value. The spin-off is expected to simplify IAC’s business narrative and alleviate the overhang on its shares. Meanwhile, IAC has announced a temporary trading blackout period for its employee benefit plans to facilitate the creation of a new stock fund for Angi Inc. This procedural measure is linked to the spin-off and ensures compliance with federal regulations.
In other news, Cava Group Inc. is set to join the S&P MidCap 400, replacing Altair Engineering following its acquisition by Siemens AG (OTC:SIEGY). This inclusion is part of changes announced by S&P Dow Jones Indices, reflecting evolving market capitalizations. These recent developments highlight significant strategic moves by IAC and the evolving landscape for Cava Group.
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