eBay could be in play.
The San Jose-based e-commerce company is reportedly in the acquisition sights of Intercontinental Exchange, the company that owns the New York Stock Exchange. According to a report from the Wall Street Journal, “people familiar with the matter” said Intercontinental Exchange has made an unsolicited offer for eBay that could value the company at more than $30 billion.
Word of the bid got out late Tuesday and sent eBay’s shares up by 8.8%, to close at $37.41.
According to the Journal, Intercontinental Exchange is interested in eBay’s main marketplace business, and would look to sell off the company’s classified ad operations. The report also said the two companies haven’t engaged in formal talks about a possible deal, and eBay could turn down any acquisition offer.
An eBay spokesperson said the company had no comment on the report.
The report about a possible buyout offer comes after what has been a tumultuous year for eBay. In January 2019, activist investors Starboard Value and Elliott Management began calling upon eBay to sell its classified ad division and its StubHub ticketing event business.By February of last year, eBay had agreed to give a board seat to officials from each of the investment firms.
And in November, eBay reached an agreement to sell StubHub to Geneva-based Viagogo for $4 billion.
eBay has also been dealing with a shakeup in its executive ranks for several months after Chief Executive Devin Wenig stepped down last September due to business disagreements with the rest of eBay’s board of directors. After Wenig resigned, eBay appointed Chief Financial Officer Scott Schenkel as its interim CEO, a position which he still holds.
