EBay Board Approves Spinoff of PayPal

EBay said its board approved its previously announced (see report in the Oct. 1, 2014, issue) spinoff of PayPal into an independent company. EBay stockholders will receive one share of PayPal stock July 17 for each share of eBay stock held at the close of business July 8, eBay said Friday. PayPal is expected to trade on the Nasdaq stock market under the ticker “PYPL.” EBay and PayPal “will each have a sharper focus and greater flexibility to pursue future success in their respective global commerce and payments markets,” eBay CEO John Donahoe said in a news release.