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Mergers and Acquisitions: GameStop Drops $56B Hostile Bid for eBay
GameStop made an unsolicited $56 billion offer to acquire eBay, threatening a proxy fight if rejected. The Silicon Review reports on the "snake-eating-elephant" M&A activity that could create a serious Amazon rival. Mergers and acquisitions news took a dramatic turn on Sunday when meme stock icon GameStop submitted a non-binding proposal to acquire eBay for approximately 56billion, or 125 per share in a 50-50 cash and stock split. GameStop CEO Ryan Cohen, who has led the company’s transformation since the 2021 retail frenzy, disclosed that his firm has already accumulated a roughly 5% stake in eBay. If the online marketplace’s board rejects the deal, Cohen is fully prepared to launch a proxy fight and take the offer directly to shareholders. The bid values eBay at a 20% premium to its last closing price and a 46% premium to its value on February 4, the day GameStop began quietly acquiring shares. While GameStop has a market cap of only about 12 billion far smaller than eBay’s 46 billion Cohen has secured a commitment letter from TD Bank for 20 billion in debt financing to help bridge the gap. The company also holds roughly 9.4 billion in...
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