Carl Icahn has officially brokered a truce with eBay Inc. in regards to his plan to spin-off the company’s payments arm, PayPal into a separate business. This significant reversal from investors’ rights activist Icahn came with a big concession from eBay- the e-retailer has agreed to add one more member to its board of directors to be selected by Icahn.
“I continue to believe that eBay would benefit from the separation of PayPal at some point in the near future and intend to continue to press my case through confidential discussions with the company,” Icahn says in a statement. Icahn also noted that he would be meeting regularly with eBay’s CEO to discuss strategic alternatives for the payments business.
The truce between Icahn and eBay caps off months of public feuding between the two companies. To see PYMNTS complete guide to the corporate show down, click here.
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