Icahn pulls out of Ebay battle over PayPal

 
Oliver Smith
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ACTIVIST investor Carl Icahn has backed down from his second corporate fight in as many months, with his decision yesterday to cease his crusade for Ebay to spinoff its fast-growing PayPal unit.

In February Icahn abandoned his push for Apple to return $50bn (£29.8bn) to investors via a share buyback. Ebay yesterday said Icahn had withdrawn his two nominees for the company’s board and dropped a proposal to split the company. Ebay agreed to appoint former Motorola board member David Dorman as an independent director.

“I am optimistic that this arrangement with Ebay will enhance our ability to discuss large issues affecting the company with greater intelligence and will help to enhance shareholder value,” said Icahn