GameStop launched a $56 billion offer to acquire eBay, paying $125 per share. The gaming company wants to transform the site into an Amazon competitor and use its physical stores as pickup and authentication points. eBay said it is reviewing the proposal.
GameStop became relevant in 2021 when it became a 'meme stock' and its shares rose more than 1,600%, allowing the company to raise more money by taking advantage of the higher valuation. Since then, under Ryan Cohen's leadership, the company shifted its focus, closing physical stores and concentrating on higher-margin items like collectibles and retro games.
GameStop offered $125 per eBay share, half in cash and half in stock
TD Bank committed to provide $20 billion in financing
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (3)
Michael Burry said he may sell his GameStop position as he considers the offer price too high
eBay CEO Jamie Iannone canceled a scheduled meeting with Bloomberg News
eBay shares rose after the offer announcement but remained below the $125 offer price
No gaps declared — all sources converge on the material facts.