By Colin Kellaher
LendingTree Inc. said a public offering of about 2.96 million shares held by GCI Liberty Inc. was priced at $295 apiece, well below Monday's closing price of $324.28, as John Malone's Liberty empire exits its investment in the online loan marketplace.
GCI Liberty, which had been LendingTree's biggest shareholder with a roughly 26.6% stake, is selling another 488,005 shares to Royal Bank of Canada in a concurrent private placement and will no longer hold any shares, LendingTree said.
The Charlotte, N.C., company added that it expects Courtnee Chun, GCI Liberty's designee, will resign from its board upon completion of the public offering.
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(END) Dow Jones Newswires