eBay Slips After uBid Talks Denied

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Publish date:

Shares of

eBay

(EBAY) - Get Report

slipped amid news that the company isn't in talks to buy

uBid

, a business-to-consumer auction company owned by

CMGI

(CMGI)

.

eBay was recently down 9%, or $3.13, to $31.63 in trading on the

Nasdaq

.

According to

Barron's

, the San Jose, Calif., online auctioneer was interested in buying uBid, whose chief executive, Greg Jones, reportedly met with eBay representatives and shareholder

Benchmark Capital

. However,

Reuters

quoted an eBay source who said the company hadn't been in any discussions to acquire uBid.

uBid, which is based in Chicago, runs an online auction site for refurbished and closeout merchandise, mainly for computers and consumer electronic products. The company reportedly plans to launch a consumer-to-consumer auction site next week to compete with eBay.