On July 28, 2005, Shopping.com Ltd. held a shareholder meeting and approved the acquisition by eBay. Shareholders also approved the granting of a bonus payment of $1 million to Shopping.com CEO Lorrie Norrington. The deal passed muster with the Federal Trade Commission earlier this month (http://auctionbytes.com/cab/abn/y05/m07/i14/s01).
According to Securities & Exchange Commission (SEC) filings, Shopping.com expects the merger will close on or about August 30, 2005. eBay first announced it would acquire the comparison shopping site on June 1st. On June 28, a shareholder filed a class-action lawsuit against Shopping.com alleging directors violated their fiduciary duties to holders by failing to obtain the highest price reasonably available.
