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The shares of eBay Inc. (NASDAQ:EBAY) surged on Tuesday as the Wall Street Journal reported that the Intercontinental Exchange (NYSE:ICE) had offered a takeover deal to the e-commerce company.
What Happened
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The New York Stock Exchange owner ICE approached eBay with a takeover offer for the second time recently, the Wall Street Journal reported Tuesday.
According to the Journal, the deal values eBay at more than $30 billion, a premium on its market value of $28 billion at the time.
ICE is only interested in buying eBay core marketplace business, the Journal said, but not the classifieds unit, which eBay has been looking to sell.
eBay Not Engaged In ‘Meaningful Way,' ICE Says
In a statement later on Tuesday, after markets closed, ICE confirmed its interest in the e-coomerce giant but said that the company wasn't responding to its offer.
"ICE approached eBay to explore a range of potential opportunities that might create value for the shareholders of both companies. eBay has not engaged in a meaningful way. We are not in negotiations regarding the sale of all or part of eBay," it said.
Price Action
eBay's shares closed 8.78% higher at $37.41 on Tuesday. The stock traded slightly slower in the after-hours market at $37.20 as ICE put out the statement.
ICE's shares closed 7.45% lower at $92.59, recovering slightly in after-hours at $93.22.
Photo Credit: Public domain photo via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.