Icahn wrangles support in eBay beef
Itās still early, but Carl Icahn is already scoring points with governance pros inā his battle with online retailer eBay, which he blasted again on Wednesday for its ādysfunctionalā ways.
ā¦Governance experts told The Post that the billionaire investor has raised serious enough concerns regarding eBay directors Marc Andreessen and Scott Cook to warrant additional shareholder questions.
āShareholders need to think really seriously about whether they should re-elect these directors to the board,ā said governance expert Paul Hodgson after reviewing thišs weekās back-and-forth between eBay and Icahn.
Andreessen, co-founder of venture capital firm Andreessen Horowitz, is not up for re-election until next year. Still, Icahn is kicking up dirt as part ofš a push for new blood on the board.
Specificašlly, Icahn said Andreessen ādidnāt do right by shareholders when eBay sold online voice company Skype in 2009.
Skype was sold to ą·“an investment group Andreessen had a stake in, and the group turš“ned around and sold it to Microsoft 18 months later for $8.5 billion ā or more than double the $3.3 billion eBay got in the deal.
The sheer magnitude of the proceeds āsmells fishyā and shšould prompt eBay shareholders to demand more information on šthe deal process, Hodgson said.
Fšor its part, eBay said Andreessen recused himself from the sale process, and that the offer by his investment group was the highest at the time.
Icahn also attacked fellow billionaire Cook, founder and director of Intuit, as conflicted because Intuitās payment-processing business is in competition with PayPal, whichš§ the activist is trying to get eBay to sšpin off.