"GameStop has made an offer to acquire eBay for $56 billion, which comes as part of GameStop CEO Ryan Cohen's plan to transform the online marketplace into a 'legit competitor to Amazon.'"
"GameStop says it will fund the acquisition using $9.4 billion on the company's balance sheet and third-party financing, including up to $20 billion from TD Securities."
"'eBay should be worth - and will be worth - a lot more money,' Cohen told the WSJ. 'I'm thinking about turning eBay into something worth hundreds of billions of dollars.'"
"Over the past year, GameStop closed more than 700 stores across the US as spending on physical games continued to dip."
GameStop has made a $56 billion offer to acquire eBay as part of CEO Ryan Cohen's strategy to create a strong competitor to Amazon. eBay will review the unsolicited proposal, stating there were no prior discussions. GameStop plans to finance the acquisition with $9.4 billion from its balance sheet and up to $20 billion from TD Securities, potentially seeking additional investors. Cohen's compensation package incentivizes him to grow GameStop significantly, aiming to increase eBay's value substantially. GameStop has closed over 700 stores in the past year due to declining physical game sales.
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