Expedia has announced stockholders overwhelmingly approved the spin-off of hotel reviews site TripAdvisor.
The approval included a favourable vote by more than a majority of the non-management shares and will see Expedia shareholders land a tax-free windfall and ownership stake in the independent unit.
Expedia now expects the transaction to close on or about December 20th, 2011, including implementation of a one-for-two reverse stock split of Expedia stock immediately prior to the spin-off.
The new stock will trade under the “TRIPV” symbol.
Upon completion of the spin-off, Expedia will cease to have any ownership interest in TripAdvisor, and TripAdvisor will become an independent publicly traded company, with the stockholders of Expedia immediately prior to the spin-off holding all of the shares of TripAdvisor stock.
TripAdvisor will be based in Newton, Massachusetts and Expedia will remain headquartered in Bellevue, Washington.