TREE - LendingTree slides 3.2% as GCI Liberty readies to shed its TREE stake

LendingTree (TREE) slumps 3.2% in after-hours trading after announcing a secondary public offering of ~2.96M shares being offered by a subsidiary of GCI Liberty (GLIBA).At the same time as the public offering, GCI Liberty will offer an additional 488K shares of TREE in a private placement to be purchased by Royal Bank of Canada (RY).After the public offering and the private placement, GCI Liberty won't own any shares of LendingTree. As a result GCI Liberty will no longer have the right to designate directors for nomination to LendingTree's board.Previously: John Malone's media and cable empire are trading at a discount (May 16)

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LendingTree slides 3.2% as GCI Liberty readies to shed its TREE stake