EBay sets date for shareholder meeting

EBay sets date for shareholder meeting as proxy fight with Carl Icahn goes on

Associated Press

EBay has set its shareholder meeting for May 13 as its proxy fight with billionaire activist investor Carl Icahn goes on.

Icahn has made a case for spinning off 20 percent of PayPal, eBay's fast-growing mobile payment unit, while eBay says the unit should stay a part of the company.

Icahn, who has a 2.2 percent stake in eBay, had also nominated two directors for the company's board and urged shareholders to vote against eBay's directors. EBay, based in San Jose, Calif., has stood by its own directors. A vote on four directors will be held during the shareholder meeting.

"Our shareholders and our customers are best served by keeping PayPal and eBay together," eBay's board of directors said in a letter to shareholders on Tuesday.

EBay shares rose 32 cents to $56.86 during midday trading. The stock had been up 3 percent since the beginning of the year.

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