Liberty Media upped its stake in InterActiveCorp Friday through the purchase of common stock valued at $340 million.
Liberty scooped up 14 million shares from a single holder at $24.25 each, bring its total stake in IAC to 30%. Liberty said it also entered into a standstill agreement by which it will not buy any more shares in IAC until April 15, 2009, or the closing of IAC's announced restructuring.
In a release, Liberty said it "took advantage of recent weakness in IAC's shares to increase its holding at an attractive price." IAC closed Friday's session at $23.59 per share, well off its 52-week high of $40.99.
Under the agreement, IAC also bought 6 million shares from the same holder.
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