NYSE Owner Abandons Potential eBay Deal
February 06 2020 - 5:21PM
Dow Jones News
By Alexander Osipovich
Intercontinental Exchange Inc. said it was abandoning its
pursuit of eBay Inc. after the New York Stock Exchange parent's
investors pushed back strongly against the move.
Intercontinental Exchange, or ICE, said in a statement released
after the markets closed Thursday that it was giving up on its
consideration of a deal for eBay based on conversations with
investors after a morning earnings call.
Executives of the Atlanta-based exchange operator discussed
their interest in the e-commerce company on the call, exacerbating
a swoon in shares that began after The Wall Street Journal reported
on the potential deal Tuesday.
Shares of ICE dropped 2.9% on Thursday after the call failed to
tamp down investors' jitters over the potential deal. At one point,
the company's shares were down 6.5%. The stock had already fallen
7.5% Tuesday. Since news of ICE's overture to eBay surfaced, the
exchange operator has lost more than $5 billion in market
value.
Write to Alexander Osipovich at
alexander.osipovich@dowjones.com
(END) Dow Jones Newswires
February 06, 2020 17:06 ET (22:06 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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