Business

EBay, Icahn settle proxy fight

By Washington Examiner
Published April 10, 2014 5:17pm ET
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EBay, Icahn settle proxy fight
FILE - In this March 16, 2010 file photo, financier Carl Icahn poses for photos upon arriving for the 32nd annual New York City Police Foundation Gala in New York. Under a deal announced Thursday, April 10, 2014, Icahn is backing down from his push to remake eBay, settling an acrimonious dispute just ahead of what promised to be an awkward annual shareholders meeting. (AP Photo/Henny Ray Abrams, File) | Henny Ray Abrams

SAN JOSE, Calif. (AP) — Ebay and billionaire activist investor Carl Icahn have settled their proxy fight ahead of the company’s annual meeting.

Icahn and eBay had been in an acrimonious tussle over PayPal, the e-commerce company’s quickly growing mobile payment arm. Icahn, who owns about 2 percent of eBay’s shares, said repeatedly the company should spin off all or part of PayPal, while eBay has said the company is better as a whole. Icahn has also criticized the company’s directors including CEO John Donahoe.

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