Story · GameStop
GameStop Discloses 10% eBay Stake as It Pushes for Acquisition Deal
GameStop has increased its stake in eBay to nearly 10%, according to an SEC filing, as the gaming retailer continues to pursue a takeover despite eBay's rejection of its initial $56 billion bid in May. GameStop now owns over 43 million shares, including 3.5 million purchased in June for $381 million and 39 million shares settled via put/call pairs. CEO Ryan Cohen has dropped his performance pay package to focus on the acquisition and has publicly stated he prefers a collaborative deal but will take the matter to shareholders if necessary. Cohen has outlined plans to use GameStop stores as nodes for eBay's marketplace and live commerce. eBay has not engaged further with Cohen since rejecting the initial offer.
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