Auctionbytes-NewsFlash, Number 864 - October 07, 2004 - ISSN 1539-5065      Previous Story | | Next Story

By Ina Steiner
AuctionBytes.com
October 07, 2004
Reading AuctionBytes: eBay Announces Results of Tender Offer for Korea's Internet Auction Co.

eBay announced the results of its tender offer in Korea for publicly-held common shares of Internet Auction Co., Ltd. (IAC), 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.