NEW YORK — USA Interactive Inc. on Wednesday said it has "no intention" of increasing its offer to buy the shares it does not own of three publicly traded subsidiaries, Expedia Inc., Hotels.com and Ticketmaster, even though the value of the deal had dropped by roughly $400 million in three days.
At the same time, the media giant acknowledged that it might have to discuss "other possible transaction structures" to get the deal done. It said it would delay a tender offer.
Since the deal was announced Monday, USA Interactive's stock price has declined 9%. On Wednesday shares closed at $26.03 on Nasdaq, up 93 cents. But each of its subsidiaries' stock prices has risen, diluting the value of the deal. As a result, each subsidiary would receive less than its current market value.
Originally, USA's offer was valued at roughly $4.5 billion. By the end of trading Wednesday, the deal was worth about $4.1 billion.