SAN JOSE, Calif.--(BUSINESS WIRE)--
eBay Inc. (Nasdaq:EBAY) today announced it completed its previously
announced acquisition of GSI Commerce, Inc. (Nasdaq:GSIC), a leading
provider of ecommerce and interactive marketing services. The
stockholders of GSI approved the adoption of the merger agreement with
eBay at the special meeting of stockholders held on June 17th
and the merger became effective later that day.
In accordance with the terms of the acquisition agreement announced on
March 28, 2011, eBay acquired all of the outstanding shares of GSI's
stock for $29.25 per share in cash, or total consideration of
approximately $2.4 billion. As previously announced, certain GSI
stockholders will be paid a settlement amount equivalent to $0.33 a
share related to the settlement of claims filed in Delaware state court,
which is separate and distinct from the payment of the $29.25 per-share
merger consideration to be paid pursuant to the terms of the merger.
GSI Commerce will operate as a separate business unit led by Chris
Saridakis as its newly appointed president. Saridakis will report to
eBay Inc. CEO and President John Donahoe.
In addition, eBay completed the divestiture of 100 percent of GSI's
licensed sports merchandise business and 70 percent of ShopRunner and
Rue La La to a newly formed holding company led by GSI founder and
former CEO Michael Rubin.
About eBay
Founded in 1995 in San Jose, Calif., eBay Inc. (NASDAQ:EBAY) connects
hundreds of millions of buyers and sellers globally on a daily basis
through eBay, the world's largest online marketplace, and PayPal, which
enables individuals and businesses to securely, easily and quickly send
and receive online payments. We also reach millions through specialized
marketplaces such as StubHub, the world's largest ticket marketplace,
and eBay Classifieds sites, which together have a presence in more than
1,000 cities around the world. For more information about the company
and our global portfolio of online brands, visit www.ebayinc.com.
About GSI Commerce
GSI Commerce® enables ecommerce, multichannel retailing and digital
marketing for global enterprises in the U.S. and internationally. GSI's
ecommerce services, which include technology, order management, payment
processing, fulfillment and customer care, are available on a modular
basis or as part of an integrated solution. GSI's marketing services are
comprised of innovative digital marketing products and services which
include database management and segmentation, marketing distribution
channels, a global digital agency to drive strategic and creative
direction and an advanced advertising analytics and attribution
management platform. GSI is headquartered in King of Prussia, Pa. and
its international headquarters is located in Barcelona, Spain. More
information can be found at gsicommerce.com. GSI is an eBay Inc.
(Nasdaq:EBAY) company.
Forward-Looking Statements
This press release contains forward-looking statements relating to,
among other things, the future performance of eBay and its consolidated
subsidiaries that are based on the company's current expectations,
forecasts and assumptions and involve risks and uncertainties. These
statements include, but are not limited to, statements regarding eBay
and GSI Commerce. The company's actual results could differ materially
from those predicted or implied and reported results should not be
considered as an indication of future performance. Factors that could
cause or contribute to such differences include, but are not limited to:
the reaction of consumers and GSI Commerce's customers and competitors;
the future growth of GSI Commerce; the possibility that integration
following the transaction may be more difficult than expected the after
effects of the global economic downturn, changes in political, business
and economic conditions, including any conditions that affect ecommerce
growth; fluctuations in foreign currency exchange rates; the company's
ability to profitably integrate, manage and grow businesses that have
been acquired recently or may be acquired in the future; the company's
need to increasingly achieve growth from its existing users,
particularly in its more established markets; the company's ability to
deal with the increasingly competitive ecommerce environment, including
competition for its sellers from other trading sites and other means of
selling, and competition for its buyers from other merchants, online and
offline; the company's need to manage an increasingly large enterprise
with a broad range of businesses of varying degrees of maturity and in
many different geographies; the effect of management changes and
business initiatives; the company's need and ability to manage other
regulatory, tax, IP and litigation risks as its services are offered in
more jurisdictions and applicable laws become more restrictive; any
changes the company may make to its product offerings; the competitive,
regulatory, credit card association-related and other risks specific to
PayPal and Bill Me Later, especially as PayPal continues to expand
geographically and grow its open platform initiative and as new laws and
regulations related to financial services companies come into effect;
the company's ability to upgrade and develop its systems, infrastructure
and customer service capabilities at reasonable cost; and the company's
ability to maintain site stability and performance on all of its sites
while adding new products and features in a timely fashion. The
forward-looking statements in this release do not include the potential
impact of any acquisitions or divestitures that may be announced and/or
completed after the date hereof.
More information about factors that could affect the company's operating
results is included under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" in the company's most recent annual report on Form 10-K and
subsequent quarterly reports on Form 10-Q, copies of which may be
obtained by visiting the company's Investor Relations web site at http://investors.ebayinc.com
or the SEC's web site at www.sec.gov.
Undue reliance should not be placed on the forward-looking statements in
this release, which are based on information available to the company on
the date hereof. eBay assumes no obligation to update such statements.
eBay Inc. Corporate Communications
John Pluhowski
press@ebay.com
or
eBay
Inc. Investor Relations
Jennifer Ceran, 408-376-7493
jceran@ebay.com
Source: eBay Inc.
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