Icahn wrangles support in eBay beef

Written By Unknown on Kamis, 27 Februari 2014 | 20.49

It's still early, but Carl Icahn is already scoring points with governance pros in his battle with online retailer eBay, which he blasted again on Wednesday for its "dysfunctional" ways.

Governance experts told The Post that the billionaire investor has raised serious enough concerns regarding eBay directors Marc Andreessen and Scott Cook to warrant additional shareholder questions.

"Shareholders need to think really seriously about whether they should re-elect these directors to the board," said governance expert Paul Hodgson after reviewing this week's back-and-forth between eBay and Icahn.

Andreessen, co-founder of venture capital firm Andreessen Horowitz, is not up for re-election until next year. Still, Icahn is kicking up dirt as part of a push for new blood on the board.

Specifically, Icahn said Andreessen didn't do right by shareholders when eBay sold online voice company Skype in 2009.

Skype was sold to an investment group Andreessen had a stake in, and the group turned around and sold it to Microsoft 18 months later for $8.5 billion — or more than double the $3.3 billion eBay got in the deal.

The sheer magnitude of the proceeds "smells fishy" and should prompt eBay shareholders to demand more information on the deal process, Hodgson said.

For its part, eBay said Andreessen recused himself from the sale process, and that the offer by his investment group was the highest at the time.

Icahn also attacked fellow billionaire Cook, founder and director of Intuit, as conflicted because Intuit's payment-processing business is in competition with PayPal, which the activist is trying to get eBay to spin off.


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