According to The Wall Street Journal, on May 4, GameStop CEO Ryan Cohen announced plans to acquire eBay for approximately $56 billion in cash and stock at $125 per share, a 20% premium to Friday’s closing price. GameStop has already secured approximately $20 billion in debt financing commitments from TD Bank.
GameStop currently holds about 5% of eBay’s shares. The company’s market capitalization stands at approximately $12 billion, while eBay’s is around $46 billion. Cohen indicated he would pursue a proxy fight to submit the acquisition proposal to shareholders if necessary.
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