PayPal's shareholders have approved the company's $1.3 billion all-stock merger with eBay. Under terms of the merger agreement, PayPal shareholders will receive 0.39 shares of eBay stock for every PayPal share. PayPal currently has around 20 million users, and generates around two-thirds of its revenues from eBay auctions.
A majority of PayPal’s 61.6 million outstanding shares were voted in favor, and no objections were raised in lawsuits over the share price and patent infringement allegations.
PayPal has moved around $10 billion through its online service since 1999.
