Icahn Relents on Pushing EBay for PayPal Spinoff
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Activist investor Carl Icahn is backing away from his proposal to separate EBay Inc. from its PayPal payments unit, a move welcomed by the online marketplace.
Icahn, who took a stake in EBay in January and began campaigning for a split, proposed yesterday an initial public offering for 20 percent of PayPal. EBay, which rejected Icahn’s original proposal, reiterated that the businesses should remain together, while praising Icahn’s shift in tone.