Carl Icahn is now looking for eBay to spin off just 20% of PayPal.
NEW YORK (CNNMoney)
The activist investor has abandoned his push for eBay (EBAY, Fortune 500) to spin PayPal off into its own company. Instead, he proposed Wednesday that eBay conduct an IPO for PayPal in which only 20% of shares would be sold to the public.
"Over the last few weeks, we have raised a number of troubling questions regarding corporate governance at eBay," Icahn said in an open letter to the company's shareholders. "Sadly, in our opinion, these questions have never been adequately answered by eBay."
"PayPal is a tremendous company, but it is on the verge of going to war against strong adversaries, and only with the benefits of being an independent company, as described above, will PayPal be capable of winning that war," he added.
EBay said it was "glad to see that Mr. Icahn now seems to agree that a full separation of PayPal is not a good idea," and that a partial separation "is not a new idea."
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"As the lines between online and offline commerce continue to blur, the competitive advantages of PayPal and eBay together are more important than ever," eBay said.
Icahn believes PayPal is undervalued as a unit of eBay, and that it would benefit from a focused, independent management team. The fight has grown increasingly bitter since he revealed a 0.82% stake in eBay earlier this year and began his push for a spin-off.
Icahn has argued that eBay is mismanaged, and that board members Marc Andreessen and Scott Cook face conflicts of interest.
EBay has called Icahn's claims "unsubstantiated." In a blog post this week, Andreessen posted an article accusing Icahn of stripping the assets of defunct airline TWA and running the company into the ground. 
First Published: March 20, 2014: 11:46 AM ET
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