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ICE Abandons eBay Purchase Plan

By  |  February 6, 2020

New York Stock Exchange owner International Exchange (ICE) said it is no longer going to pursue plans to potentially purchase eBay after investors strongly fought back against the move, according to a report in The Wall Street Journal.

After markets closed Thursday (Feb. 6), ICE said it discussed the potential purchase in an early morning earnings call with investors, which didn’t necessarily stop a slide in share value for ICE.

On Thursday, ICE shares dropped 3 percent and were down as much as 6.5 percent. The stock was already down 7.5 percent on Tuesday, and the company lost $5 billion in market value.

The potential deal was announced Tuesday, and it could have valued eBay at $30 billion, about 10 percent above eBay’s closing price at the time the deal was reported.

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