Thursday, February 03, 2005

Barry Diller (IAC) infuses cash to Chinese online travel site eLong

From ChinaTechNews.com: A Cheap Ticket On eLong
by Perry Wu

"eLong’s new majority owner IAC, Barry Diller’s company, earlier last month exercised millions of warrants for the privilege of gaining its majority stake. This exercise of warrants produced a cash infusion to eLong of around US$108 million, almost double the amount of cash raised from its IPO."

"The bad news for investors is that Barry Diller seems to have gotten a real sweetheart deal. While the market price of eLong’s stock is in the mid-teens, Barry got his shares for about US$6 a pop. ... But the good news is that eLong has no shortage of cash; its cash position now rockets it to the top tier of Chinese online listed companies. And, unique among Chinese listed companies, eLong can now benefit from the talent of Barry Diller, one of America’s premier dealmakers." Read more

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