UPDATE 2-Starboard pressures eBay to sell classifieds business [Reuters (UK)]
eBay Inc. (EBAY)
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Source: Reuters
Starboard pressures eBay to sell classifieds business - Reuters 2 Min Read (Reuters) - Activist shareholder Starboard Value LP piled more pressure on eBay Inc on Tuesday to sell off its classifieds business, saying it had not made enough progress to improve shareholder value. EBay last year agreed to sell its ticketing unit, StubHub, for $4.05 billion in cash, under pressure from Starboard and Elliott Management Corp. They had also urged it to sell eBay Classifieds Group as part of a plan that could double the company’s value. “To achieve the optimal outcome, we believe Classifieds must be separated, and a more comprehensive and aggressive operating plan must be put in place to drive profitable growth in the core Marketplace business,” Starboard said in a letter to eBay’s board. EBay has been shifting focus to its advertising and payments businesses, as it faces stiff competition in its marketplace business from Amazon.com Inc and Walmart Inc. “We will review Starboard’s letter and pe
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