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EBay Inc. Online Marketplace and Investor Activists Elliott Management Corp. and Starboard Value LP. are about to reach an agreement that would give the militants a seat on the board of directors and could open the door to the dissolution of the company.
The three parties are discussing an agreement in which Elliott and Starboard would be given several seats on the board of directors, according to people close to the case. The company would also agree to conduct an operational review focused on improving profitability and a comprehensive strategic review of the company – which should involve considering a range of potential sales or splits units and a sale of the main company, said officials.
An agreement is not guaranteed – the activists and the society are still solving some problems that could cause the break of the discussions, according to people familiar with the subject. If no agreement is reached, Elliott and Starboard have until March 1 to be elected to the Board of Directors by proxy, although companies in active discussion with investors may agree to extend the deadline in order to give more time to negotiation.
Elliott revealed a stake of over 4% in eBay
EBAY, + 0.11%
in January and stated in a letter to its board of directors that the company should cease operations or sell its StubHub ticket business and its classified advertising business. He also asked the company to reorganize its core business in the market, increase its margins and ensure that it has the proper leadership. He also suggested that eBay's main market, if it were separated from everything else, could be sold. Another activist hedge fund, Starboard Value LP, also has a stake in the company and has also urged it to consider splitting its business, the Wall Street Journal reported.
A developed version of this report appears on WSJ.com.
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