eBay’s Offer to Korea Trading Company
eBay announced the results of its tender offer in Korea for publicly-held common shares of the Korean online trading company.
The tender offer, which offered KRW125,000 per share, closed on October 5. A total of 343,787 shares were tendered, bringing eBay’s ownership of IAC from 97.0% to 99.7%. The purchase amount is approximately KRW43 billion, or approximately US$37.4 million based on an October 6, 2004 exchange rate of KRW1148.70 to US$1.00. The tender offer is scheduled to be settled on October 12.
As previously announced, eBay intends to have IAC pursue a plan to voluntarily delist the shares from trading on the Kosdaq, in accordance with all legal and regulatory requirements. The IAC board of directors voted to approve a delisting plan on October 1.
eBay does not expect the purchase of these shares to affect its financial guidance for the third quarter of 2004 or the full year 2004 as issued in connection with its second quarter earnings release on July 21, 2004.
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