Minority interest holder, EBay is taking Craigslist to court for actions that have yet to specify have “diluted” their investment, the New York Times reported.
“The recent actions by the Craigslist directors have disadvantaged eBay and its investment in Craigslist,” said Mike Jacobson, eBay’s senior vice president and general counsel, in a written statement. “Since negotiating our investment with Craigslist’s board in 2004, we have acted openly and in good faith as a minority shareholder, so we were surprised by these recent unilateral actions. We are asking the Delaware court to rescind these recent actions in order to protect eBay’s stockholders and preserve our investment.”
Sort of like the Coke commercial. What actions will be interesting to know given the wise stewardship the Craigslist officers have shown over the years. Though their continued mainly free service may not be popular with investors, it is a well-used and enjoyed destination for many web users.