eBay holds subsequent offer for remaining Gmarket common shares, ADSs

By Lisa Kerner

Charlotte, N.C., June 15 - eBay Inc. began a subsequent offering period for the remaining common shares and American Depositary Shares of Gmarket Inc.

The subsequent offer period ends at 5 p.m. ET on July 20, an eBay news release said.

According to eBay, a total of 50,496,693 common shares and ADSs, or 99.2% of Gmarket's currently outstanding common shares and ADSs, were validly tendered and not withdrawn in its tender offer that ended on Friday.

The total includes 557,006 common shares and ADSs tendered by guaranteed delivery procedures.

In April, eBay announced it agreed to acquire Gmarket in a cash tender offer valued at up to approximately $1.2 billion, or $24 per Gmarket share or ADS.

The San Jose, Calif., online marketplace said it will combine Gmarket's operations with eBay's existing Korean marketplace business, Internet Auction Co.

Citibank, NA is the ADS depositary for the tender offer, and Goodmorning Shinhan Securities Co., Ltd. is the common share depositary.

Gmarket, based in Seoul, South Korea, operates a retail e-commerce marketplace.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.