• Most Popular
  • Most Shared

UPDATE 1-Yahoo says to sell 10 pct Gmarket stake to eBay

Wed Apr 15, 2009 11:33pm EDT

Stocks

   

*Yahoo agrees to tender Gmarket stake to eBay

Stocks  |  Mergers & Acquisitions  |  France  |  South Korea

*Sale would give Yahoo $52 mln pre-tax gain - source

SAN FRANCISCO, April 15 (Reuters) - Yahoo Inc (YHOO.O) said on Wednesday it is selling its 10 percent stake in South Korean online commerce site Gmarket Inc GMKT.O to eBay Inc (EBAY.O).

The move follows eBay's announcement earlier on Wednesday that it was commencing a tender offer to acquire all common shares and American Depository Shares of Gmarket for $24 a share. eBay said the total purchase price will be approximately $1.2 billion. [ID:nSEO17563]

A source familiar with the situation said the sale would result in $120 million in proceeds for Yahoo, and a $52 million pre-tax gain.

Yahoo purchased its stake in Gmarket in June 2006 from venture capital firm Oak Investment Partners. (Reporting by Alexei Oreskovic; Editing by Muralikumar Anantharaman)

Stocks
Mergers & Acquisitions
France
South Korea


More from Reuters

Photo

Accused 9/11 plotters may face NY "Guantanamo"

NEW YORK (Reuters) - If the men accused of plotting the September 11 attacks wonder what conditions they might face when they are moved to New York from Guantanamo Bay for trial, they can expect solitary confinement, 23-hour-a-day lockdowns, constant video surveillance and almost no visitors.

» More Top News
Traders in the oil options pit work at the New York Mercantile Exchange, September 9, 2008. REUTERS/Chip East
Analysis:

"More assumptions, more risk"

New oil and gas reserve rules were supposed to improve transparency, but the unforeseen consequences of the regulations could add a layer of uncertainty for investors.  Full Article 

regulatory news
The sun sets over the Mackenzie Delta near Inuvik, Northwest Territories November 11, 2009. Credit: REUTERS/Jeffrey Jones

An Arctic economy in limbo

Beset by political and economic setbacks, one of the world's biggest pipeline projects is on hold, and it's unclear if the project will ever break ground.  Full Article 

Green Business