As part of a settlement with GSI Commerce shareholders, EBay Inc is selling GSIC’s licensed sports merchandise business back to GSIC Founder and CEO Michael Rubin, according to a report in the Wall Street Journal.
EBay agreed to pay $2.4 billion to by GSIC in March in a move that would help it compete better with Amazon.com. But some GSIC shareholders sued over the deal, arguing it did not value their shares fully.
To settle the lawsuit eBay agreed to pay GSIC shareholders an additional 33 cents per share when the deal clsoed Friday. It will also sell the licensed sports merchandise business and a 70 percent stake in ShopRunner and Rue La La to a Rubin’s newly formed holding company.