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Article: Ebay to buy stake in SKorean online marketplace

Article from:
AP Online
Article date:
April 16, 2009
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Copyright

EBay Inc. said Thursday it plans to pay as much as $1.2 billion for control of South Korea's top online marketplace, potentially one of the company's largest acquisitions as it moves to expand in Asia.

San Jose, Calif.-based eBay and Gmarket Inc. said that eBay will make a cash tender offer of $24 a share to purchase all outstanding common shares and American depository shares in the South Korean company.

The final purchase price could reach $1.2 billion if all shares are tendered, the companies said in a release. EBay would take a stake of at least 67 percent, they said, based on tender agreements reached so far with Gmarket management and shareholders and new shares the ...

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