GameStop CEO Ryan Cohen Pursues eBay Acquisition Despite Rejection
GameStop CEO Ryan Cohen has intensified his campaign to acquire eBay, proposing a $125 per share deal structured as half cash and half stock. In a recent podcast interview, Cohen outlined his strategy to transform eBay under an owner-operator model, leveraging his e-commerce experience from Chewy. He argues that eBay is significantly underperforming due to excessive expenses, citing $5.5 billion in costs against $11 billion in revenue, and promises $2 billion in immediate cost cuts to boost profitability. Although eBay’s board rejected the initial offer as not credible, Cohen remains undeterred, asserting that the deal is highly attractive to shareholders despite being unfavorable to current management who face replacement. Backed by approximately $9 billion in cash and a $20 billion financing commitment, Cohen plans to bypass the board and appeal directly to eBay shareholders. He emphasizes that e-commerce is within his circle of competence and views eBay as the second-largest e-commerce asset in the U.S. with substantial untapped potential for long-term growth and value creation.
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