NYSE Owner Abandons Potential eBay Deal -- Update

By Alexander Osipovich 

Intercontinental Exchange Inc. said it was abandoning its pursuit of eBay Inc. after the New York Stock Exchange parent's investors pushed back strongly against the move.

Intercontinental Exchange, or ICE, said in a statement released after the markets closed Thursday that it was giving up on its consideration of a deal for eBay based on conversations with investors after a morning earnings call.

Executives of the Atlanta-based exchange operator discussed their interest in the e-commerce company on the call, exacerbating a swoon in shares that began after The Wall Street Journal reported on the potential deal Tuesday.

Shares of ICE dropped 3% on Thursday after the call failed to tamp down investors' jitters over the potential deal. At one point, the company's shares were down 6.5%. The stock had already fallen 7.5% Tuesday. Since news of ICE's overture to eBay surfaced, the exchange operator has lost more than $5 billion in market value.

"Based on investor conversations following today's ICE earnings call, ICE has decided to cease exploring strategic opportunities with eBay," ICE said.

Write to Alexander Osipovich at [e-mail]

(END) Dow Jones Newswires

February 06, 2020 17:25 ET (22:25 GMT)

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