Business Services Industry
EBAY FACES OPPOSITION TO PURCHASE OF KOREAN ONLINE AUCTIONEER.
AsiaPulse News, November, 2003
SEOUL, Nov 21 Asia Pulse - Minority shareholders in South Korea's Internet Auction Co. have protested over eBay Inc.'s offer to buy publicly held shares of the Korean online auctioneer.
On Friday, Hannuri Law, a domestic law firm representing a group of Internet Auction shareholders, said it would take steps to block eBay's purchase of the shares.
The move came less than a week after eBay, the world's largest Internet auctioneer, announced its intention to buy 6.39 million shares of Internet Auction at 70,000 won (US$58.52) per share in an attempt to acquire the Korean company. The purchase would equate to 49.99 per cent of Internet Auction's total outstanding stock.
After the acquisition, eBay plans to delist the company's shares from the...
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