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Breakingviews: Icahn bays at eBay

Monday, Feb 24, 2014 - 03:11

Feb. 24 - Jeffrey Goldfarb talks to Breakingviews columnists about the uppity billionaire's criticism of two eBay directors as he ratchets up efforts for a PayPal spinoff.

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The battle at -- just got a little bit last year Carl Icahn who wants the company to spin off its PayPal division is now going after the board directors. What's his beef now. It's got a debate actually got 288 sink into the director's first as -- entries in the -- Netscape came. Market's recent study this is venture capital firm has done a couple. Of deals with eBay basically Skype -- ballpark Skype in Skype is Slater flipped about eighteen months later Microsoft offered for very nice profit. And a similar -- he's on the -- You know -- abortive evening every day and a similar story as some another similar -- his firm bought a stake of company email and and then that's profited from it. The other thing is that another -- director owns about a billion dollars into it it's another it's accompanies it is CEO yeah yeah he's. It was a rival used him to royalty each day. Any case saying that this conflict because -- it is this compete and then also. He was instrumental. In getting -- it's not hire people from it that you basically in the -- the content of. Confidence that we're -- that he went -- college so -- get over it -- thing isn't it we've we've looked it's a little leagues before. And that in fact concluded that conflicts alone and -- and may not have been the best directed maybe at that HP for instance when it. -- -- -- it right but it is the kind of -- and Silicon Valley that you you want the network the investment activity the kind of it's it's like dilemma this -- it's late having. You know the -- -- and hopefully be you want him because of the conflict to replace. Now is there -- governance question about that eBay says that the governance was done right that that that address differences with rookies from discussions about. The sale of Skype when it was sold. Which you know and then there's up protections so you know it comes on this early on tightly firm ground in some of the other stuff -- it says was all the the other direct. That was available but doesn't give -- -- submit -- inspired him. Up for reelection either enough that it's. They're different and that's Barry he's up for reelection but he's gonna stay on the board right -- -- -- -- -- last year to -- -- -- -- is mandatory fifteen I think I think the main point that was like on this. Books propose some new directors and the weather gets unbearable under an elegant and replacing entries in this time around maybe maybe they expect we -- -- terms of how this. Whether this strengthens or weakens our crimes case of we're in the real crux is -- wants them to spin off PayPal right now we we have a little standing so of an analysis of this that suggests that. It would be. More valuable PayPal could be more valuable time. Quite a few people who think that he basically doesn't think that. What's instincts to me and one senses then Grayson is the deal making you would think you know he was happy to get involved buying Skype from eBay. You we would think that if he thought it stacked up he would be one of the directors video on an effort to be done -- and that's kind of inched into it in a sort of anyway Barrett suffered a firewall you are out of we'll be back for more breaking news tomorrow.

Breakingviews: Icahn bays at eBay

Monday, Feb 24, 2014 - 03:11

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