EBay Inc., owner of the largest e-commerce market, has agreed to pay about $24 million to resolve investor lawsuits over its $2.4 billion acquisition of online marketing firm GSI Commerce Inc.
GSI shareholders will receive 33 cents a share in addition to eBay's $29.25-a-share offer under the settlement, the companies said in a statement. Investors will get the settlement money when the acquisition closes, which is expected to be on Friday, the companies said.
EBay will divest all of GSI's licensed sports-merchandise business, which provides e-commerce operations for all the major U.S. sports, including the NFL, and 70 percent of online retail sites Rue La La and ShopRunner to NRG Commerce LLC, a company set up by GSI CEO Michael Rubin, court papers show.
Some GSI shareholders, including the Erie County Employees Retirement system, a pension fund, and SEPTA filed a lawsuit in Delaware Chancery Court earlier this year to challenge the buyout. They contend that the company's board sold the marketing firm too cheaply and loaded the deal with terms that favored eBay's bid.
GSI shareholders will receive 33 cents a share in addition to eBay's $29.25-a-share offer under the settlement, the companies said in a statement. Investors will get the settlement money when the acquisition closes, which is expected to be on Friday, the companies said.
Some GSI shareholders, including the Erie County Employees Retirement system, a pension fund, and SEPTA filed a lawsuit in Delaware Chancery Court earlier this year to challenge the buyout. They contend that the company's board sold the marketing firm too cheaply and loaded the deal with terms that favored eBay's bid.
No comments:
Post a Comment