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Barry Diller Can’t Be Ousted From IAC Board by John Malone

IAC/InterActiveCorp Chairman Barry Diller and six directors can’t be ousted by Liberty Media Corp. Chairman John Malone, a judge ruled, thwarting billionaire Malone’s effort to gain control of the Internet company. IAC rose as much as 9.7 percent in after-market trading.Liberty had argued Diller should be removed because his proposal to split IAC into five parts violated a proxy agreement giving him control of Liberty’s majority voting power in IAC. In a ruling issued yesterday, Delaware Chancery Court Judge Stephen Lamb in Wilmington found the plan didn’t violate the accord.

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http://www.bloomberg.com/apps/news?pid=20601103&refer=&sid=aIBU3DiqaqWM