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Shareholder activist Carl Icahn continues a daily stream of threats aimed at eBay and PayPal, and yet has failed to make public his full business case for separating the two companies.

ebaylogoIn a letter sent to eBay shareholders today, he said “We have not yet begun to fight,” which could not be more true since he has yet to reveal his logic.

To date, Icahn instead has pointed to several concerns he has over eBay’s board members, including Marc Andreessen — and his potential conflicts he had over the sale of Skype — and Scott Cook, the founder of Intuit, which competes with PayPal.

But his case for why eBay and PayPal should operate as two companies is T.B.D.

“We have not yet even made public our full business rationale for the separation,” he writes. “Stockholders, please stay tuned. There is more to come — much more.”

Instead of outlining his reasons why the e-commerce and payments giant should be split in two, the purpose of today’s letter was to quote the results of an investor survey conducted by Bernstein Research.

He said it found that 55 percent of the respondents said they think eBay’s board should change, while 43 percent said that splitting up PayPal from eBay is the right move to make.

Yesterday, eBay continued its own campaign in an illustrated infographic, titled “The Ebay Inc. Success Story.”

What’s next? A made-for-TV movie?

eBay infographic lays out its reasons for success a payments and e-commerce giant.
eBay infographic lays out its reasons for success a payments and e-commerce giant.
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