Tonight 7:45PM, ECB will provide an interest rate decision. At 8:30AM tomorrow it will have a press conference.
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EBAY[/caption]
- eBay (EBAY) beats by $0.01, revenue in-line; guides Q1 EPS below consensus, revs below consensus; guides FY15 below consensus, revs below consensus; plans to cut jobs; a standstill agreement with Carl Icahn.
- Although ugly, but don’t forget that Carl Magic.
Updates:
- Well, don’t forget that Carl is the player in this game too. He definitely wants the spin-off and prob. will create some momentum against the fundamental numbers.
- Numbers are in, eBay will cut about 2,400 jobs. That’s about 7% of its workforce.
- eBay expands board of directors.
- Carl released statement in regards to current eBay situation.
Exert from Carl’s statement is here:
We have worked assiduously with eBay and its advisors over the last few days and we are optimistic that PayPal will benefit greatly from the following corporate governance provisions:
- Any poison pill adopted by PayPal will not have a trigger below 20% and, if not ratified by stockholders within 135 days of adoption, will automatically expire (therefore, if a bid is made, the company may adopt a pill but it will expire in 135 days if not ratified by shareholders and the company can use the 135 days to find a better offer and/or convince shareholders not to tender);
- PayPal will not have a staggered board;
- The holders of 20% of the outstanding shares of PayPal will be permitted to call special meetings of shareholders;
- If a person or group obtains majority control of PayPal, shareholders will be permitted to remove and replace directors at a special meeting;
- PayPal will opt out of the “interested stockholder” provisions of Section 203 of the Delaware General Corporation Law;
- PayPal’s charter documents will not contain any super-majority voting provisions;
- PayPal will not adopt any other change-of-control provisions (e.g., poison puts or severance plans) with triggers below 20%; and
- If PayPal’s board rejects an unsolicited offer for the company in favor of another bid, and permits the second bidder to conduct diligence, then the board must also grant the first bidder the right to conduct due diligence if that bidder increases its offer above the second bid.
