Business Services Industry
EBAY'S PLAN TO PURCHASE KOREA'S INTERNET AUCTION IN TROUBLE.
AsiaPulse News, December, 2003
SEOUL, Dec 3 Asia Pulse - eBay Inc., the world's largest online auctioneer, may fail to buy the publicly held shares of Internet Auction Co. as shareholders of the South Korean online auctioneer demand a higher price.
The San Jose, California-based company, which holds 50.1 percent of Internet Auction plans to buy the remaining 49.9 percent stake at 70,000 won per share from Nov. 21 through Dec. 10.
If the share purchase is successfully completed, the South Korean company would then be delisted from the secondary KOSDAQ stock market.
On Wednesday, Hannuri Law, a South Korean law firm representing a group of Internet Auction shareholders, said it sent a letter to eBay to ask for a price of 100,000 won per share.
"We sent the letter to eBay...
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