More details emerge about the not so friendly dispute between Craigslist and its minority shareholder eBay.
In a lawsuit filed under seal in Delaware Chancery Court last week, eBay alleged that Craigslist held “clandestine” directors’ meetings in recent months to dilute eBay’s 28.4 percent stake to 24.85, or less than a quarter of the company.
A redacted version of the suit was released on Wednesday.
“We are no longer comfortable having eBay as a shareholder and wish to explore options for our repurchase, or for otherwise finding a new home for these shares,” Craigslist Chief Executive Jim Buckmaster was quoted in the court papers as telling eBay’s then-CEO Meg Whitman last summer.
Meg Whitman, then eBay’s chief executive, responded via e-mail last July with an offer to buy out Craigslist. “We would welcome the opportunity to acquire the remainder of [the company] we do not already own whenever you … feel it would be appropriate,” she wrote to Craigslist CEO Jim Buckmaster.
Reached by telephone late on Wednesday, Craigslist founder Craig Newmark said he would not be interested in a sale, even for billions of dollars. “Well, we have been saying consistently we are not interested in selling,” he said. [Reuters/InternetNews.com]