Internet auctioneer &to=http:// english.pravda.ru/fun/2002/11/12/39416.html ' target=_blank>eBay in its latest move to boost slackening growth in the USA, said Wednesday it has agreed to buy Shopping.com, an online shopping-comparison site.
The $620 million cash acquisition is eBay's second-largest in the USA, after its $1.5 billion purchase of PayPal in 2002. The deal, which will fetch $21 per share for all of Shopping.com's outstanding shares, represents a 20% premium to Shopping.com's closing price of $17.44.
Shopping.com shares soared 20% in after-hours trading, following eBay's announcement. Shares of eBay dipped 1% in after-hours trading.
Analysts such as Mark Mahaney of Citigroup Smith Barney say they are concerned by recent declines in eBay's revenue growth and margins, tells USA Today.
President Joe Biden will soon regurgitate on the public the words of George W. Bush uttered in 2002