Tony Rome
04-16-2009, 01:13 AM
LOS ANGELES (MarketWatch) -- EBay Inc. (EBAY:
eBay Inc
EBAY 14.32, -0.06, -0.4%) said late Wednesday it has reached an agreement to buy South Korean e-commerce Web site Gmarket (GMKT:
GMARKET Inc
GMKT 19.96, +0.62, +3.2%) for $24 a share. EBay said it has already clinched agreements to purchase at least 67% of the Gmarket's shares, and if all outstanding shares are tendered, the final purchase price will be $1.2 billion. The tender price marks a premium over Gmarket's Wednesday close of $19.96 a share. It said it will combine the site with its own existing Korean marketplace business, Internet Auction Company. The resulting combination "establishes an exceptionally strong leadership position for eBay in one of the world's largest, most dynamic and innovative e-commerce markets," eBay Chief Executive John Donahoe said. In a separate statement, Yahoo Inc. (YHOO:
Yahoo! Inc YHOO 14.02, -0.05, -0.4%) said it had agreed to sell its 10% stake in Gmarket to eBay.
This comes right after the Skype spin-off via IPO announcement...interesting.
Tony
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eBay Inc
EBAY 14.32, -0.06, -0.4%) said late Wednesday it has reached an agreement to buy South Korean e-commerce Web site Gmarket (GMKT:
GMARKET Inc
GMKT 19.96, +0.62, +3.2%) for $24 a share. EBay said it has already clinched agreements to purchase at least 67% of the Gmarket's shares, and if all outstanding shares are tendered, the final purchase price will be $1.2 billion. The tender price marks a premium over Gmarket's Wednesday close of $19.96 a share. It said it will combine the site with its own existing Korean marketplace business, Internet Auction Company. The resulting combination "establishes an exceptionally strong leadership position for eBay in one of the world's largest, most dynamic and innovative e-commerce markets," eBay Chief Executive John Donahoe said. In a separate statement, Yahoo Inc. (YHOO:
Yahoo! Inc YHOO 14.02, -0.05, -0.4%) said it had agreed to sell its 10% stake in Gmarket to eBay.
This comes right after the Skype spin-off via IPO announcement...interesting.
Tony
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