 |
Power Sellers Unite
Bringing Buyers and Sellers Together
|
| :: |
| Author |
Message |
psunite
Joined: 27 Jan 2005
Posts: 6213
Location: Columbus OH
|
| Posted: Wed Jun 01, 2005 11:50 pm Post subject: EBay snaps up Shopping.com for $620 million |
|
|
SAN FRANCISCO (AFX) -- In a bid to ignite growth, eBay said Wednesday that it's buying Shopping.com, an online-comparison shopping site, for $620 million in cash.
The online marketplace will pay $21 a share of Shopping.com's shares, or a 20% premium, both companies announced.
Shares of eBay fell 2.5% to $38.11 in after-hours action. The stock rose nearly 3% to $39.11 in regular trading.
Shopping.com surged 19% to $20 in late trading to $20.80, after closing 2% higher at $17.44 during the day. The company is expected to earn $131 million in 2005 and earn 70 cents per share. Based on those forecasts, eBay is paying 4.7 times this year's sales and 30 times earnings.
Executives at both companies declined to discuss the deal value, but did say both companies are complementary, with business models focused on bringing buyers and sellers together and receiving a brokering fee from the transaction. They said there would be no layoffs. link to article |
|
| Back to top |
|
GlassCottage
Joined: 11 Jun 2005
Posts: 135
|
| Posted: Wed Jul 13, 2005 11:04 am Post subject: Re: EBay snaps up Shopping.com for $620 million |
|
|
WASHINGTON (Dow Jones)--Internet auctioneer eBay Inc. (EBAY) received antitrust clearance from the Federal Trade Commission to buy Shopping.com Ltd. (SHOP), an online shopping-comparison site.
In an announcement Wednesday, the agency said it granted early termination Monday of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act.
In early June, eBay agreed to buy the online shopping-comparison site for $21 a share, or about $620 million, in a bid to revive eBay's formerly scorching growth rate.
The transaction is expected to close by September. |
|
| Back to top |
|
Earthfragments.com
Joined: 27 Feb 2005
Posts: 1031
Location: Pocono Mountains, PA
|
| Posted: Wed Jul 13, 2005 11:39 am Post subject: |
|
|
| ebay got ripped off |
|
| Back to top |
|
xppman
Joined: 15 Feb 2005
Posts: 1145
|
| Posted: Thu Jul 14, 2005 1:33 am Post subject: |
|
|
I concur.
ebay got ripped off.
Or did we get ripped off? |
|
| Back to top |
|
| |
|  |