February 4, 2020 / 1:47 PM / in 2 months

Starboard pressures eBay to sell classifieds business

Feb 4 (Reuters) - Activist shareholder Starboard Value LP on Tuesday sent a letter to eBay Inc's board, saying the ecommerce company has not made enough progress in its plan to separate its classifieds business.

EBay last year agreed to sell its ticketing unit, StubHub, for $4.05 billion in cash, under pressure from Starboard and Elliott Management Corp. The investors had also urged the company to sell eBay Classifieds Group as part of a plan that could double the company's value.

"In order to achieve the optimal outcome, we believe Classifieds must be separated, and a more comprehensive and aggressive operating plan must be put in place to drive profitable growth in the core Marketplace business," Starboard said. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Anil D'Silva)

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