As the back-and-forth between Carl Icahn and eBay Inc (NASDAQ:EBAY) director Marc Andreessen continues, today Icahn is focusing on the other part of his argument. However, he’s changed his argument a bit and now wants eBay to spin off just part of PayPal but keep majority control of the payment services provider. He released a new statement on the topic via his site Shareholders’ Square Table today.

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Icahn: eBay should spin off 20% of PayPal

The activist investor is now calling for eBay Inc (NASDAQ:EBAY) to spin off just 20% of PayPal and keep the other 80% of it. It seems almost like a sort of compromise on a topic that has been a major point of contention between Icahn and the online auction company’s board of directors.

Icahn said he thinks a partial initial public offering “will provide the best opportunity for these businesses to remain competitive over the long-term.” He said it allows for “all of the benefits” of PayPal being independent from eBay Inc (NASDAQ:EBAY) while keeping PayPal within eBay. He also suggested that the structure of such an offering could be tax-free to shareholders.

According to Carl Icahn, a 20% spinoff of PayPal highlights value for eBay Inc (NASDAQ:EBAY) shareholders and focuses the management teams of both companies. He said it also “creates a valuable currency for acquisitions” and attracts “top talent.” Other benefits he lists are that it preserves the synergies which exist within both companies and that it makes it easier for PayPal to extend its product offerings. In a sort of side stab at eBay’s board—again—he said a 20% spinoff would allow both eBay and PayPal to “reconstitute” their boards and “appoint board members who are not conflicted and do not compete with the underlying companies.”

Icahn has no answer for Andreessen—yet

Today eBay Inc (NASDAQ:EBAY) director Marc Andreessen fired the next shot at Carl Icahn, who has been complaining about conflicts of interest he sees for Andreessen. Specifically, he has been complaining about eBay’s sale of Skype. Icahn hasn’t responded to Andreessen’s latest post, but he probably will before too long.

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