SAN JOSE, Calif.--(BUSINESS WIRE)--
eBay Inc. (NASDAQ:EBAY), a global commerce leader, announced today that
it received notice of an unsolicited "mini-tender" offer by TRC Capital
Corporation (TRC) to purchase up to 4,000,000 shares of eBay's common
stock at a price of $27.35 per share in cash. The offering price is
4.37% below the closing price per share of eBay's common stock on
October 28, 2016, the last trading day before the offer was commenced.
The offer is for approximately 0.36% of the outstanding shares of eBay's
eBay does not endorse TRC Capital's unsolicited mini-tender offer and
recommends that shareholders not tender their shares. eBay is not
associated with TRC Capital, its mini-tender offer or the mini-tender
Mini-tender offers are not subject to many of the investor protections
afforded to larger tender offers, including the filing of disclosure and
other tender offer documents with the Securities and Exchange Commission
(SEC) and other procedures mandated by U.S. securities laws.
The SEC has cautioned investors that some bidders making mini-tender
offers at below-market prices are, "hoping that they will catch
investors off guard if the investors do not compare the offer price to
the current market price." The SEC's guidance to investors on
mini-tender offers is available at http://www.sec.gov/investor/pubs/minitend.htm.
TRC Capital has made many similar unsolicited mini-tender offers for
shares of other public companies.
Shareholders should obtain current market quotations for their shares,
consult with their broker or financial advisor, and exercise caution
with respect to TRC Capital's mini-tender offer. eBay recommends that
shareholders who have not responded to TRC Capital's offer take no
action. Shareholders who have already tendered their shares may withdraw
them at any time prior to 12:01 a.m., New York City time, on November
30, 2016, in accordance with TRC's offering documents.
eBay encourages brokers and dealers, as well as other market
participants, to review the SEC's letter regarding broker-dealer
mini-tender offer dissemination and disclosure at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
eBay requests that a copy of this press release be included with all
distributions of materials relating to TRC Capital's mini-tender offer
related to eBay shares of common stock.
eBay Inc. (NASDAQ: EBAY) is a global commerce leader including the
Marketplace, StubHub and Classifieds platforms. Collectively, we connect
millions of buyers and sellers around the world, empowering people and
creating opportunity through Connected Commerce. Founded in 1995 in San
Jose, Calif., eBay is one of the world's largest and most vibrant
marketplaces for discovering great value and unique selection. In 2015,
eBay enabled $82 billion of gross merchandise volume. For more
information about the company and its global portfolio of online brands,
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Source: eBay Inc.
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