eBay will acquire through a cash tender offer the remaining publicly-held common shares of Internet Auction Co. Ltd. (IAC), a Korean online trading company. eBay acquired a majority interest in Internet Auction Co. Ltd., Korea’s largest auction-style Web site, in 2001.
eBay calls itself "The World's Online Marketplace" and advertises its availability in 21 countries, as listed on its home page, in addition to the U.S. eBay.com site.
In July, eBay Inc. acquired all of the remaining outstanding common stock of EachNet, a leading ecommerce company in China. eBay and EachNet first formed a strategic relationship in March 2002, at which time eBay acquired a 33% interest in the company.
eBay expects the acquisition of IAC to be completed by mid-December of 2003. eBay estimated the total price to be approximately $382 million, assuming all of the remaining 6,394,225 publicly-held shares of IAC are tendered, and based on the November 14, 2003 exchange rate of KRW1,171 to US$1.00.
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