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Expedia backpedals on ASR plans; $1 billion in shareholder value destroyed

Citing unacceptable terms in the current debt market, Expedia’s (NYSE: EXPE) chairman Barry Diller announced that the company is scaling back its stock repurchase program to a maximum of 25 million shares, down from the 116 million shares announced in June. The market reacted unfavorably to the announcement, driving the share price down over 12% [...]

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