WebProWorld
Today eBay announced the completion of a tender offer for all outstanding common shares and American Depositary Shares (ADSs) of Gmarket. Back in April, eBay announced that it was spending $1.2 billion to acquire those shares.
Gmarket is known as Korea’s leading eCommerce business, and it will apparently be combined with eBay’s existing online marketplace in Korea, Internet Auction Company.
eBay is in talks to buy a minority stake in South Korean competitor Gmarket and is in discussions with Interpark to buy its 37 percent stake.The companies are waiting for approval from the Korea Fair Trade Commission, eBay spokesman Jose Mallabo said."There can be no assurance that the KFTC will approve the possible transaction, that an agreement will be reached or that a transaction will occur," Mallabo said in a statement.
