"GameStop has offered to buy eBay for $55.5 billion, proposing $125 a share, split 50-50 between cash and stock, and threatening a hostile takeover if rejected."
"Ryan Cohen claims eBay could be worth much more under his leadership, stating he would launch a cost-cutting program to slash $2 billion in spending annually."
"Cohen expressed his ambition to turn eBay into a competitor to Amazon, suggesting it could be worth hundreds of billions of dollars."
"The offer is backed by a $20 billion bank loan, with Cohen considering external investors, including Middle Eastern sovereign wealth funds, for the deal."
GameStop has proposed a $55.5 billion acquisition of eBay, offering $125 per share, split between cash and stock. The company has acquired a 5% stake in eBay and believes it can significantly increase eBay's value through cost-cutting measures. GameStop's CEO, Ryan Cohen, is prepared to take the offer directly to eBay shareholders if the board does not accept it. The bid is supported by a $20 billion bank loan, and Cohen envisions eBay becoming a major competitor to Amazon.
Read at www.theguardian.com
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