Deal is for $620M, or $21 a share; Shopping.com surges after hours.
SAN FRANCISCO (Reuters) - Ebay said Wednesday it agreed to buy Shopping.com, which enables consumers to compare products online and to read consumer reviews.
The purchase price of about $620 million in cash, or $21 a share, is a 20 percent premium over Shopping.com's (Research) Wednesday close of $17.44 and shares surged nearly 20 percent in after-hours trading. eBay (Research) lost over 1 percent.
The move by eBay would strengthen its hand in providing online comparison shopping, something that Google Inc. (Research) has dabbled in with its Froogle service.
http://money.cnn.com/2005/06/01/tech...reut/index.htm
SAN FRANCISCO (Reuters) - Ebay said Wednesday it agreed to buy Shopping.com, which enables consumers to compare products online and to read consumer reviews.
The purchase price of about $620 million in cash, or $21 a share, is a 20 percent premium over Shopping.com's (Research) Wednesday close of $17.44 and shares surged nearly 20 percent in after-hours trading. eBay (Research) lost over 1 percent.
The move by eBay would strengthen its hand in providing online comparison shopping, something that Google Inc. (Research) has dabbled in with its Froogle service.
http://money.cnn.com/2005/06/01/tech...reut/index.htm
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