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EcommerceBytes-NewsFlash, Number 864 - October 07, 2004 - ISSN 1539-5065     Previous | | Next
eBay Announces Results of Tender Offer for Korea's Internet Auction Co.
By Ina Steiner
EcommerceBytes.com
October 07, 2004




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.

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  • eBay's Bid for 100% Stake in Korean Company Fails - December 12, 2003, Issue #665
  • eBay Announces Results of Tender Offer for Korea's Internet Auction Co. - October 07, 2004, Issue #864


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