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EcommerceBytes-NewsFlash, Number 1074 - July 29, 2005 - ISSN 1539-5065 1 of 6 
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On July 28, 2005, Shopping.com Ltd. held a shareholder meeting and approved the acquisition by eBay. Shareholders also approved the granting of a bonus payment of $1 million to Shopping.com CEO Lorrie Norrington. The deal passed muster with the Federal Trade Commission earlier this month (http://auctionbytes.com/cab/abn/y05/m07/i14/s01). According to Securities & Exchange Commission (SEC) filings, Shopping.com expects the merger will close on or about August 30, 2005. eBay first announced it would acquire the comparison shopping site on June 1st. On June 28, a shareholder filed a class-action lawsuit against Shopping.com alleging directors violated their fiduciary duties to holders by failing to obtain the highest price reasonably available. |
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About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. |
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