EBay Rejects Carl Icahn’s PayPal Spin-Off, But Analysts Are Optimistic
On Wednesday , eBay revealed that billionaire activist investor Carl Icahn is pushing the company to spin off PayPal into its own company. But many analysts are optimistic that there’s a value proposition available in discussing a PayPal spin off, even if most don’t think it would ultimately be a good move to separate the e-commerce company from its prized payments system. Wells Fargo analyst Matt Nemer said, “We believe Icahn’s involvement in the business and the prospect of significant change at eBay puts a ‘floor’ on the stock, in addition to the new $5B share repurchase authorization and management’s overt language regarding opportunistic buybacks or a potential ASR,”
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