GameStop builds 9.8% eBay stake after rejected bid

Corporate ActionM&A · Partnership Impact 4
โดย GuruFocus·Read original
Summary · why it matters

GameStop disclosed it owns 43.4 million eBay shares, representing a 9.8% stake in the e-commerce company, a significant increase from the roughly 5% economic stake it held in early May when CEO Ryan Cohen offered to buy eBay for about $56 billion. The videogame retailer converted that exposure into common stock over recent weeks, buying 3.5 million shares for about $381 million last month and settling 39 million shares from put/call pairs on Friday. In an interview with Bloomberg Television, Cohen reiterated his intent, saying "we're coming for eBay one way or another," but declined to say whether he would raise his offer. eBay's board rejected the cash-and-stock bid as neither credible nor attractive, and financing remains a key question, relying on a non-binding commitment letter from TD Securities for up to $20 billion in debt contingent on an investment-grade rating.

Impact on stocks 4

Consumer Discretionary± Mixed · 2 stocks
eBay Inc
EBAY
▼ NegativeCapitalrelevance

GameStop builds 9.8% stake and reiterates intent to acquire eBay, but board rejected bid as not credible and financing is uncertain

GameStop Corp.
GME
▲ PositiveCapitalrelevance

GameStop increases eBay stake to 9.8% and CEO reiterates intent to acquire, signaling aggressive M&A strategy

Financials▲ · 1 stocks
Toronto Dominion Bank
TD
± MixedCapitalrelevance

TD Securities provided non-binding commitment letter for up to $20 billion in debt financing for GameStop's bid, contingent on investment-grade rating

Artificial Intelligence▲ · 1 stocks
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