eBay Inc. Extends the Expiration Date for its Previously Announced Tender Offer for All Outstanding Common Shares & American ...
June 02 2009 - 8:00AM
Business Wire
eBay Inc. (Nasdaq:EBAY) announced today that it has extended the
expiration date for its previously announced tender offer for all
outstanding common shares and American Depositary Shares (ADSs) of
Gmarket Inc. (Nasdaq:GMKT). The tender offer was commenced by eBay
KTA (UK) Ltd., a wholly owned subsidiary of eBay, on May 4,
2009.
eBay is extending the Expiration Date for the tender offer to
provide additional time to distribute certain summary financial
information to Gmarket securityholders in response to comments
received from the staff of the Securities and Exchange Commission
(�SEC�). The offer to purchase included summary financial
information of Internet Auction Co. Ltd. (�IAC�), a 99.99% owned
subsidiary of eBay, prepared in accordance with accounting
principles generally accepted in Korea. The offer to purchase will
be supplemented to include summary financial information of IAC
prepared in accordance with generally accepted accounting
principles in the U.S., as well as combined financial information
for IAC and Gmarket.
The tender offer, which had been scheduled to expire at 12:00
midnight, New York City time on Monday, June 1, 2009 (the "Initial
Expiration Date"), will now expire at 12:00 midnight, New York City
time, on Friday, June 12, 2009 (as extended, the "Expiration
Date"), unless further extended. Based on information provided by
Citibank, N.A., the ADS Depositary for the tender offer, and
Goodmorning Shinhan Securities Co., Ltd., the Common Share
Depositary for the tender offer, as of the Initial Expiration Date,
a total of approximately 50,656,000 common shares and ADSs,
representing approximately 99% of the currently outstanding common
shares and ADSs, had been validly tendered and not withdrawn as of
the Initial Expiration Date, including common shares and ADSs
tendered by guaranteed delivery. Securityholders who have already
tendered their common shares or ADSs of Gmarket do not have to
re-tender their shares or ADSs or take any other action as a result
of the extension of the Expiration Date of the tender offer.
About Gmarket
Gmarket Inc. is a leading retail ecommerce marketplace in Korea,
offering buyers a wide selection of products at competitive prices
and sellers a comprehensive and flexible sales solution. Gmarket�s
ecommerce marketplace is highly scalable and facilitates the sale
of products in small or large quantities to a large number of
potential buyers in a convenient, cost effective and secure manner.
Gmarket was founded in April 2000 and listed on Nasdaq in June
2006. Gmarket�s e-commerce marketplace is located primarily at
www.gmarket.co.kr.
About IAC
Founded in 1998 as an online auctioneer, Internet Auction Co.
(IAC) has become one of Korea�s leading online marketplaces with
more than 21 million registered users. Acquired by eBay in 2001,
IAC has played a key role in improving Korea�s retail e-commerce
market through greater selection for buyers and diverse sales
solutions for sellers. IAC offers a wide range of products such as
computers, electronics and sporting goods to a dynamic online
community of over 2 million daily unique visitors. IAC�s online
marketplace is located at www.auction.co.kr.
About eBay Inc.
Founded in 1995, eBay Inc. connects hundreds of millions of
people around the world every day, empowering them to explore new
opportunities and innovate together. eBay Inc. does this by
providing the Internet platforms of choice for global commerce,
payments and communications. Since its inception, eBay Inc. has
expanded to include some of the strongest brands in the world,
including eBay, PayPal, Skype, Shopping.com, and others. eBay Inc.
is headquartered in San Jose, California.
Forward-Looking Statements
This announcement contains forward-looking statements, including
statements regarding eBay, IAC and Gmarket, that involve risks and
uncertainties, and actual results could differ materially from
those discussed. Factors that could cause or contribute to such
differences include, but are not limited to, the possibility that
the transaction may not close and other risks and uncertainties
described in the tender offer documents filed by eBay Inc. and eBay
KTA (UK) Ltd. with the SEC.
More information about factors that could affect eBay�s
operating results can be found in the company�s most recent annual
report on its Form 10-K and its subsequent quarterly reports on
Form 10-Q (available at http://investor.ebay.com or at the SEC�s
website at www.sec.gov). All forward-looking statements are based
on information available to eBay on the date hereof, and eBay
assumes no obligation to update such statements.
Additional Information and Where to Find It
This press release is for informational purposes only and is
neither an offer to purchase nor a solicitation of an offer to sell
shares or American Depositary Shares of Gmarket. The tender offer
is being made pursuant to a Tender Offer Statement on Schedule TO
(including the Offer to Purchase, the related Letters of
Transmittal and other tender offer materials) filed by eBay Inc.
and eBay KTA (UK) Ltd. with the SEC on May 4, 2009. In addition,
Gmarket filed on May 4, 2009 a Solicitation/Recommendation
Statement on Schedule 14D-9 with the SEC related to the tender
offer. The tender offer materials (including an Offer to Purchase,
the related Letters of Transmittal and certain other offer
documents) and the Solicitation/Recommendation Statement contain
important information, which should be read carefully before any
decision is made with respect to the tender offer. The Offer to
Purchase, the related Letters of Transmittal and certain other
offer documents, as well as the Solicitation/Recommendation
Statement, will be made available to all holders of shares or
American Depositary Shares of Gmarket at no expense to them at the
SEC�s web site at www.sec.gov. Free copies of these documents will
be made available upon request by mail to eBay Inc., 2145 Hamilton
Avenue, San Jose, CA 95125, Attention: Investor Relations or to
Gmarket Inc., 9th Floor, LIG Tower, 649-11 Yeoksam-Dong,
Gangnam-Gu, Seoul 135-912, Korea, Attention: Investor
Relations.
In addition to the Offer to Purchase, the related Letter of
Transmittal and certain other offer documents, as well as the
Solicitation/Recommendation Statement, Gmarket and eBay file annual
and special reports and other information with the SEC. You may
read and copy any reports or other information filed by eBay or
Gmarket at the SEC public reference room at 100 F Street, N.E.,
Washington, D.C. 20549. Please call the Commission at
1-800-SEC-0330 for further information on the public reference
room. eBay�s and Gmarket�s filings with the SEC are also available
to the public from commercial document-retrieval services and at
the website maintained by the SEC at http://www.sec.gov.
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