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EBay founder rejects Icahn's call for PayPal spinoff
February 27, 2014 / 2:37 PM / 4 years ago

EBay founder rejects Icahn's call for PayPal spinoff

REUTERS - EBay Inc (EBAY.O) founder and Chairman Pierre Omidyar rejected investor Carl Icahn’s call to separate the company’s fast-growing PayPal payments unit, saying the businesses were better off together.

An eBay logo is projected onto white boxes in this illustration picture taken in Warsaw, January 21, 2014. REUTEwhite RS/Kacper Pempel/Files

Omidyar, who is the largest shareholder in eBay with a stake of 8.37 percent, said separating PayPal from eBay was not a new idea and the board had evaluated the option but decided to keep the businesses together.

Icahn, who disclosed a 2.15 percent stake in the e-commerce company last week, had also accused two long-time eBay board members, Marc Andreessen and Scott Cook, of having business interests that directly competed with eBay.

“Instead of having an honest discussion about a reasonable question, Mr. Icahn has chosen to attack the integrity of two highly respected and qualified board members, Scott Cook and Marc Andreessen,” Omidyar said in a statement.

Reporting by Supantha Mukherjee in Bangalore; Editing by Kirti Pandey

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