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EBay Commences Strategic Review Of Its Portfolio; Initiates Operating Review

eBay Inc. (EBAY) announced several new initiatives, including an operating review and the commencement of a strategic review of the company's portfolio of assets, including StubHub and eBay Classifieds Group. The company said its operating review will target operational excellence and will build upon the recently announced reorganization and restructuring measures in order to drive enhanced revenue and operating income growth. eBay intends to announce the findings and targets from the review at an event in the Fall.

eBay announced its has entered into a cooperation agreement with affiliates of Elliott, who hold more than a 4% economic interest in eBay. eBay has also entered into a cooperation agreement with affiliates of Starboard Value, who hold an economic interest of approximately 1% in eBay. Under the terms of the respective agreements, each of Elliott and Starboard have agreed to certain standstill, voting, and other provisions with eBay. Also, eBay will immediately add Jesse Cohn of Elliott and Matt Murphy of Marvell Technology to the Board of Directors. The company will add a third new independent director later in the year.

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