Davis Polk advised counterparties to accelerated share repurchase transactions with eBay Inc., pursuant to which eBay is repurchasing an aggregate of $3 billion of its common stock. Under the terms of the transactions, eBay will receive an initial delivery of its common stock at the beginning of each transaction. The final number of shares to be repurchased under each transaction will be based on a discount to the volume-weighted average stock price during the term of such transaction.
Headquartered in San Jose, California, eBay is a global commerce leader that connects millions of buyers and sellers around the world.
The Davis Polk equity derivatives team included partner Mark J. DiFiore of the New York office.