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Monday, March 28, 2011

EBay to purchase GSI for $1.96 billion to take on Amazon, (NASDAQ: EBAY), (NASDAQ: GSIC), (NASDAQ: AMZN)

EBay Inc (EBAY.O) plans to buy e-commerce service provider GSI Commerce (GSIC.O) to build up its online marketplaces as it ramps up its battle with Amazon.com Inc (AMZN.O). EBay said on Monday it offered GSI shareholders $29.25 per share, or $1.96 billion, in cash. That comes out to a 50.9 percent premium over its closing price on Friday. GSI shares were up 50.1 percent in Nasdaq trading. eBay shares were down 2.6 percent.

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