Shares of eBay Inc. EBAY, -3.53% shot up 9.5% in afternoon trading, after The Wall Street Journal reported that New York Stock Exchange-parent Intercontinental Exchange Inc. ICE, -0.94% has approached the e-commerce company multiple times regarding a takeover. Citing people familiar with the matter, the WSJ report said ICE has made an offer to eBay that could value the company at more than $30 billion. The stock's rally on Tuesday has lifted eBay's market capitalization to $31.15 billion. The companies are currently in formal talks, and there is no guarantee eBay would agree to a deal, the WSJ report said. EBay's rally comes just two days after the stock closed at a one-year low. Earlier Tuesday, activist investor Starboard Value said eBay was "deeply undervalued," and urged the company to separate its Classifieds business in an effort to boost shareholder value. The stock has now gained 7.5% over the past 12 months, while the S&P 500 SPX, -0.84% has advanced 21.3%.