eBay extends offer for Gmarket common shares and ADSs to June 12

By Lisa Kerner

Charlotte, N.C., June 2 - eBay Inc. extended its tender offer for all outstanding common shares and American Depositary Shares of Gmarket Inc. to midnight ET on June 12.

The offer, which eBay subsidiary eBay KTA (UK) Ltd. began on May 4, was originally slated to end at midnight ET on June 1.

According to eBay, the extension gives it additional time to distribute some summary financial information to Gmarket securityholders in response to comments from the Securities and Exchange Commission.

A total of approximately 50,656,000 common shares and ADSs, representing approximately 99% of the currently outstanding common shares and ADSs, have been validly tendered and not withdrawn, according to eBay.

The total includes common shares and ADSs tendered by guaranteed delivery, eBay said.

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

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