WILMINGTON, DEL. (CN) - Barry Diller has fought off Liberty Media Chairman John Malone's attempt to get control of IAC/Interactive. Malone's plan would give him more than 60 percent control of IAC with only 30 percent of the stock; Diller controls 63 percent of IAC stock. A Chancery Court judge ruled that Malone cannot boot Diller and six other directors from the IAC/Interactive board.
Diller and Malone are fighting for control of IAC and competing versions of a spinoff plan. The court ruled that Liberty failed to show that Diller breached any duty when he voted Liberty's shares in IAC/Interactive in favor of a single-tiered spinoff of IAC instead of Liberty's favored two-tiered shareholder voting structure. The court also dismissed other contract-based objections to the spinoff, but did not rule on fiduciary claims, finding them not ripe for adjudication.
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