EBay Will Pay Cash to Gain Rent.com
EBay Inc., the world’s largest Internet auctioneer, will pay cash for Rent.com instead of a combination of cash and stock after EBay’s shares fell since announcing the purchase.
The company will pay $415 million for Rent.com, a classified listings company, instead of $385 million in stock and $30 million in cash. The transaction will be completed this month, San Jose-based EBay said in a regulatory filing.
Shares of EBay had dropped almost 35% from their last trading before the acquisition was announced Dec. 17.
EBay shares rose $2.94 to $78.53 on Nasdaq.
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