eBay Opens Wallet in Korea

The last bid is always the sweetest on eBay(EBAY Quote).

That's a lesson leveraged for tens of millions of dollars by minority investors in Internet Auction Co., the South Korean Internet site that eBay controls and tried to take private last year. The old offer was rebuffed as too low, a decision that proved prescient Tuesday when eBay nearly doubled it despite saying in December that it had no plans to return to the table.

Under the new deal, eBay will acquire roughly 3 million publicly traded shares in South Korea's biggest online auction site for Korean won worth roughly $108 a share. IAC's minority investors, who turned down a $59-a-share offer in December, currently include hedge funds Tiger Technology, Lone Pine Capital and Viking Global Investors. ...