eBay’s board of directors approves PayPal breakaway

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The e-commerce giant’s board of directors has officially confirmed the completion of the previously announced deal that sees eBay and PayPal become two different independent public trading companies.

The splitting will be made through a pro rata distribution of the stock of eBay’s subsidiary PayPal Holdings, Inc. to eBay stockholders.

The distribution remains subject to certain conditions being satisfied. They were described in the preliminary information statement filed with the Form 10.

On distribution, eBay’s stockholders will receive one share of PayPal common stock for each share of eBay common stock held as of the close of business on July 8, 2015, the record date for the distribution.

The distribution of PayPal common stock is expected to happen on 17th July. ayPal will be an independent, publicly traded company and will be listed on the NASDAQ Stock Market under the ticker “PYPL.” eBay will continue to trade on the NASDAQ Stock Market under the ticker “EBAY.”

“As separate, independent companies, eBay, led by Devin Wenig, and PayPal, led by Dan Schulman, will each have a sharper focus and greater flexibility to pursue future success in their respective global commerce and payments markets,” said John Donahoe, President and CEO of eBay Inc.

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