Carl Icahn urges eBay to sell 20 percent of Paypal in partial IPO
Activist investor Carl Icahn has reportedly asked Bay Inc. to sell 20 percent of its PayPal payments unit in an initial public offering (IPO).
Icahn had earlier called for a complete spinoff, after the activist acquired a significant stake in the e-commerce giant saying that the unit was undervalued as part of eBay.
According to the Verge, Icahn, who has been engaged in a contentious battle with eBay for the past two months, began attacking the company's board members accusing them of incompetence and insider trading, after eBay refused his proposal.
Icahn was also reportedly persistent on replacing Silicon Valley heavyweights Marc Andreessen and John Cook with his own lieutenants.
(Posted on 21-03-2014)