EBay Board Approves Completion Of PayPal Spin-off

(RTTNews) - eBay Inc. (EBAY) said Friday that its board of directors has approved the completion of the separation of eBay and PayPal into independent publicly traded companies.

The separation will occur through a pro rata distribution of all of the stock of eBay's subsidiary PayPal Holdings, Inc. to eBay shareholders.

eBay Inc. shareholders will receive one share of PayPal common stock for each share of eBay Inc. common stock held as of the close of business on July 8, the record date for the distribution. The distribution of PayPal common stock is expected to occur on July 17.

Immediately following the distribution, PayPal will be an independent, publicly traded company and will be listed on the Nasdaq Stock Market under the ticker "PYPL." eBay will continue to trade on the Nasdaq Stock Market under the ticker "EBAY."

Beginning on or about July 6, and continuing up to and through the distribution date, it is expected that there will be two markets in eBay common stock. Shares that trade in the "regular-way" market will be entitled to shares of PayPal common stock distributed pursuant to the distribution; shares that trade in the "ex-distribution" market will trade without an entitlement to shares of PayPal common stock distributed pursuant to the distribution. Shares of eBay in the "ex-distribution" market will trade under the symbol EBAY.wi.

PayPal anticipates that "when-issued" trading will begin on or about July 6, and will continue up to and through the distribution date. Shares of PayPal in the "when-issued" market will trade under the symbol PYPL.wi. "Regular-way" trading in PayPal's common stock is expected to begin on July 20, the first trading day following the completion of the separation.

It was in September 2014 that eBay announced a plan to separate eBay and PayPal businesses into independent publicly traded companies.