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Breaking News from CNBC's Andrew Ross Sorkin: eBay to Reject Icahn's Nominees

WHEN: Today, Monday, March 10, 2014

WHERE: CNBC's "Squawk Box"

Following is the unofficial transcript of breaking news from CNBC's Andrew Ross Sorkin. Following is a link to the segment on CNBC.com: http://video.cnbc.com/gallery/?video=3000254740.

ANDREW ROSS SORKIN: I HAVE A LITTLE BIT OF BREAKING NEWS FOR YOU BECAUSE IT IS GOING TO BE ANNOUNCED I BELIEVE IN THE NEXT TWENTY MINUTES, IF NOT SOONER. WHICH IS THAT EBAY IS GOING TO BE PUTTING OUT A STATEMENT REJECTING CARL ICAHN'S EFFORTS TO PUT TWO OF HIS OWN BOARD MEMBERS ON EBAY'S BOARD. AS YOU KNOW, OF COURSE, WE'VE TALKED ABOUT IT A MILLION TIMES, THEY HAVE BEEN BACK AND FORTH OVER WHETHER THEY SHOULD SPIN OFF PAYPAL – EBAY SHOULD SPIN OFF PAY PAL. CARL ICAHN HAD SUGGESTED THAT. THEY HAVE SAID NO. THEN HE HAS GONE AND SAID HE WANTS TWO BOARD SEATS IN PART TO PUSH SOMETHING LIKE THAT. THEY ARE NOW OFFICIALLY SAYING NO. THEY WILL BE RECOMMENDING TWO NEW – OR FOUR NEW BOARD MEMBERS – NOT NEW BOARD MEMBERS. RERECOMMENDING FOUR CURRENT BOARD MEMBERS. BY THE WAY, MARC ANDREESSEN NOT ON THAT LIST BECAUSE HE IS ALREADY NOT ON THIS CYCLE. SO THIS WHOLE FIGHT OVER MARC ANDREESSEN IRRELEVANT. I SHOULD TELL YOU, BECAUSE I HAVE A PIECE OF WHAT IS GOING TO BE PUT OUT A LITTLE BIT LATER TODAY, EBAY'S BOARD SAYING, THE CORPORATE GOVERNANCE NOMINATES… CONSIDERATION OF THE TWO EMPLOYEES OF CARL ICAHN, WHICH HE HAD NOMINATED TO THE BOARD, AFTER CAREFUL REVIEW OF THE BOARD CONCLUDING THAT THEY ARE NOT QUALIFIED CANDIDATES BASED ON THE CRITERIA THAT IT CONSISTENTLY EVEN APPLIES TO THE COMMITTEE INCLUDING A PARTICULAR THAT NEITHER NOMINEE HAS RELEVANT EXPERIENCE OR EXPERTISE. IN ADDITION, NEITHER NOMINEE WOULD COMPLY WITH THE BOARD'S GOVERNANCE GUIDELINES ON WHAT'S CALLED OVERBOARDING. EACH OF THEM ARE ON MORE THAN FOUR BOARDS AND ONE OF THEM IS A CO-CEO. ONE OF THE RULES AT EBAY IS THAT YOU CAN'T BE ON TOO MANY BOARDS AND OF COURSE, FOUR BOARDS, THEY'RE SUGGESTING IS TOO MUCH. BUT, IN PARTICULAR, GOING AFTER THEM FOR THIS IDEA THAT THEY HAVE NO IDEA – NOT NO IDEA, BUT THAT THEY ARE NOT EXPERTS IF YOU WILL, ON TECHNOLOGY ISSUES LIKE EBAY. SO THAT IS THE BREAKING NEWS.

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