GameStop Raises eBay Stake to 10% After Takeover Bid Rejection; Ryan Cohen Prepares for Proxy Fight
GameStop (GME) has increased its stake in eBay (EBAY) to nearly 10%, according to an SEC filing, escalating tensions after eBay's board rejected GameStop's $55-56 billion takeover bid as 'neither credible nor attractive.' Ryan Cohen, GameStop's chairman, is shifting from a hopeful buyer to a major shareholder, positioning for a potential proxy fight. Cohen has committed approximately $500 million of his own money to support the deal and has dropped a proposed CEO performance award worth up to $35 billion to focus on the eBay acquisition. GameStop now holds about 43.4 million eBay shares, roughly 9.8% of the company, after converting derivatives into stock. Cohen has stated he wants to be CEO of eBay, not GameStop, signaling a long-term battle for control of the online marketplace.
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