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eBay Stock Rises And Falls Over Takeover Bid

eBay packaging

Shares in online marketplace eBay were boosted by c.7% this week after The Wall Street Journal reported on Tuesday that Intercontinental Exchange (ICE) had made an approach to eBay regarding a potential takeover.

The share price subsequently dropped by nearly 8% on Thursday when ICE, the owner of the New York Stock Exchange, confirmed that it had approached eBay, stating that it wished to discuss options that could "create value for the shareholders of both companies". ICE later released a statement, advising that it was "not in negotiations regarding the sale of all or part of eBay", stating that the business had “not engaged in a meaningful way”.

According to Business Advisor the bid, which was for the eBay marketplace business only, reportedly valued it at $30bn. In October, eBay reported flat Q3 results, with revenues of $2.6bn. 

eBay later spoke with CNBC, advising: “The Ebay board is aligned and open to all value-enhancing alternatives. The board is highly engaged and has acted, and will continue to act, consistent with its focus on shareholder value.”

Source : Insight DIY Team

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06 February 2020

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