US online auction site eBay will acquire control of Korean e-commerce business Gmarket for up to $1.2 billion. eBay will combine Gmarket with its existing online marketplace in Korea, Internet Auction Company IAC, although it intends to maintain the two sites as distinct entities.
eBay said on Thursday that it will offer $24 per share for all of Gmarket's ordinary shares and American depositary shares. The total outlay will be $1.2 billion, assuming all outstanding shares are tendered.
eBay has already achieved a simple majority representing 50.1% of Gmarket's shares as Gmarket's controlling shareholders, Interpark Corporation and chairman Ki Hyung Lee, have agreed to tender their shares. Some other employee shareholders...
¬ Haymarket Media Limited. All rights reserved.
