Is eBay behind a QXL takeover bid?

7/11/2007 at 15:52

Speculation about auction site QXL and a possible eBay takeover have been going round for months now, with little to substantiate them. However, QXL have confirmed today that they have received a takeover approach:

“The company notes the recent movement in the company’s share price and confirms that it has received a preliminary approach which may or may not lead to an offer being made for the company.”

Though any details have yet to be revealed, as Adrian Kearsey, an analyst at Evolution Securities, put it: “eBay is the obvious choice”. Shares in QXL have risen 10.6% following the news.