Please do not leave this page until complete. This can take a few moments.
Shares of eBay soared Tuesday after rumors swirled on Wall Street that the company synonymous with Wall Street, New York Stock Exchange owner Intercontinental Exchange, was thinking of buying the company. Alas, it's not to be.
ICE said late Tuesday that it "approached eBay to explore a range of potential opportunities that might create value for the shareholders of both companies." But the company added that "eBay has not engaged in a meaningful way."
"We are not in negotiations regarding the sale of all or part of eBay," ICE concluded.
Shares of ICE, which plunged 7.5% Tuesday on the merger rumors, rose 34.5% in early trading Wednesday. eBay fell 2% Wednesday following a nearly 9% spike a day earlier.
The apparent end of eBay takeover talk comes at a tough time for the company. The stock has lagged the performance of both the broader market and PayPal, which eBay spun off in 2015, for the past year.
Longtime eBay CEO Devin Wenig stepped down in September and activist investors are pushing the company to make changes. Elliott Management took a stake in eBay last year. Following that, eBay sold off its StubHub unit to a European competitor for $4 billion.
But another activist firm, Starboard Value, wants eBay to dump even more assets. Starboard said in a letter to eBay Tuesday it was disappointed eBay hasn't made progress on selling its Classifieds unit. EBay responded by saying that it has "implemented changes based on investor input" and that "we remain open to all value-enhancing opportunities."
This special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments