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Filed by Expedia, Inc.

Pursuant to Rule 425 under the Securities Act of 1933

and deemed filed pursuant to Rule 14d-2

of the Securities Exchange Act of 1934, as amended

Subject Company: HomeAway, Inc.

(Commission File No. 001-35215)

TO: All Staff Members Worldwide

SUBJECT: HomeAway

Team Expedia

Today we announced that we have entered into an agreement to acquire HomeAway, Inc., including all of its brands (principally HomeAway globally, VRBO in the US, Stayz in Australia, Homelidays in France, and FeWo-direkt in Germany) for $3.9 billion in cash and stock. We have had our eyes on the vacation rental space for a long time, including testing and learning our way into our partnership with HomeAway over the last two years. Adding to our hotel and lodging supply is a hugely strategic growth driver for our company moving forward (and part of our BHAGs), and bringing HomeAway into the EI family is a big step in the right direction to compete in the fast growing ~$100 billion alternative accommodations space.

Given that the transaction has not yet closed and is subject to certain regulatory approvals and the tender of a majority of the shares of HomeAway, there isnt too much that I can share at this time. Its important to note that this is an announcement only, and until the transaction is closed (expected sometime in Q1 next year), the companies will operate as they have up to this point: separately and independently. As such, we have established an internal team, led by Corporate Development and Legal, which will manage the process through closing.

Please note that any interactions with HomeAway should be coordinated through this team and unless otherwise authorized under no circumstances should you contact any partners, customers, vendors, suppliers or employees of HomeAway with respect to the transaction. If any partner...


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