EBay offers concessions to avoid conflict with Elliott: sources

FILE PHOTO: An eBay sign is seen at an office building in San Jose, California, May 28, 2014. REUTERS/Beck Diefenbach

(Reuters) – EBay Inc has advised Elliott Management Corp it is willing to explore the shedding of some of the most important assets and the giving of the hedge fund board of directors the representation in an attempt to avoid a proxy contest, people familiar with the matter said on Tuesday.

The AMERICAN e-commerce company has offered to explore the options for the StubHub ticket sales business, and eBay Classifieds Group, including a sale, as Elliott has suggested, the sources said.

EBay is also discussing the offer of board seats to Elliott, although no agreement has been reached and negotiations could still fall apart, the sources said. If a deal is reached, it can be announced by March 1, when the deadline to nominate directors to eBay’s board expires, the sources added.

The sources asked not to be identified because the matter is confidential. Elliott declined to comment, while eBay did not immediately respond to a request for comment. The Wall Street Journal first reported details of the settlement to talk.

Reporting by Greg Roumeliotis and Liana B. Baker in New York; Editing by Leslie Adler

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