Craigslist strikes back
Last modified on Wednesday, 23 April 2008 17:02
The two online retails Craigslist and eBay are at war in a board room battle over share control. eBay has sued Craigslist, claiming that the outfit is trying to dilute its share control, while Craigslist says that its rival and minority owner, eBay, is trying a hostile takeover.
eBay bought 28 per cent of Craigslist in 2004. In January the Craigslist's Board diluted eBay's economic interest in Craigslist by more than 10 percent. eBay is asking the Delaware's Court of Chancery to negate Craigslist's Board's actions. However, in a post on the Craigslist blog, the company said the allegations are unfounded.
ebay had failed to mention any problems about this until the court case was mentioned.