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Investors Will Continue to Be Rewarded in eBay; If Nothing Else, Icahn’s Entrance Will Drive an Upward Re-Valuation of the Equity

publication date: Jan 22, 2014
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We don’t think it much matters whether PayPal is spun-off or not, especially now that attention has been brought to eBay’s significant underpricing on a consolidated basis. This action alone may be enough to drive rapid price-to-fair value convergence.


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