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EBay agrees to spin off PayPal after pressure from activist investors
EBay agrees to spin off PayPal after pressure from activist investors

In the 1980s, the heyday of the corporate raiders, Carl Icahn made a name for himself as a persistent aggressor. He went after stodgy, old-line companies — Gulf & Western, Western Union, Phillips Petroleum, TWA — hellbent to break them up and "unlock value" where plodding managers and boards had failed. Now 78, Icahn targets what he sees as the latest pool of stodge — aging technology companies. On Tuesday, online marketplace EBay Inc., now nearly two decades old, agreed to spin off online payments king PayPal by the end of 2015 after heavy pressure from Icahn and other activist investors, who expect to profit from a higher post-split market value. ...

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