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Article: eBay to Expand Asian Operations Through Combination with Gmarket, Korea's Largest Online Marketplace.
- Article from:
- China Weekly News
- Article date:
- May 5, 2009
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eBay Inc. (Nasdaq: EBAY) and Gmarket Inc. (Nasdaq: GMKT) today jointly announced a definitive agreement for eBay to combine Gmarket, Korea's leading e-commerce business, with eBay's existing online marketplace in Korea. Under the terms of the agreement, eBay will make a cash tender offer of $24.00 per share for all outstanding Gmarket common shares and American Depositary Shares, for a total purchase price of up to approximately $1.2 billion assuming all outstanding shares are tendered. As of April 15, 2009, the consideration of $24.00 per share was equivalent to approximately 31,767 Korean won per share.
At closing, eBay will hold at least 67 percent of Gmarket ...