GameStop Doubles Down on eBay Bid as Ryan Cohen Escalates Pursuit
GameStop, led by CEO Ryan Cohen, has nearly doubled its stake in eBay to 9.8%, intensifying its unsolicited takeover bid after eBay's board rejected an earlier $57 billion cash-and-stock proposal. Cohen, known for transforming Chewy and reviving GameStop, has amassed 43.4 million eBay shares and is now one of the largest shareholders. He has expanded his advisory team and begun discussions with major institutional investors. The proposal faces significant skepticism due to GameStop's market cap being only one-fifth of eBay's, and a $20 billion financing commitment from TD Securities depends on the merged entity achieving investment-grade credit. Cohen envisions creating a broader digital commerce platform to compete with Amazon, while eBay has focused on higher-margin categories like trading cards and luxury goods. GameStop claims it could cut $2 billion in annual costs post-merger, though details remain unclear.
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