BREAKING: Intercontinental Exchange Ditches Potential eBay Deal
Intercontinental Exchange Inc. has announced it is ditching its pursuit of eBay Inc. after the New York Stock Exchange parent’s investors strongly detested the move.
Intercontinental Exchange (ICE) said in a statement released after the markets closed yesterday that it was ditching its consideration of the eBay deal based on conversations had with investors.
Executives of the Atlanta-based exchange operator discussed their interest in the e-commerce company during the call, creating a swoon in shares that began after The Wall Street Journal announced the potential deal on Tuesday.
ICE shares dropped 3 per cent yesterday after the call failed to tamper down investors’ concerns over the deal. At one point, the company’s shares dropped 6.5 per cent.
The stock had already fallen 7.5 per cent on Tuesday, and since the news of ICE’s venture to take over eBay surfaced, the company lost more than $5 billion in market value.