GameStop Makes Unsolicited $56 Billion Bid for eBay
GameStop Corp. has proposed buying eBay Inc. in an unsolicited cash-and-stock deal valued at about $56 billion. The bid, described by Chief Executive Officer Ryan Cohen, values eBay at $125 a share, with consideration split 50% in cash and 50% in GameStop common stock, and GameStop said its board unanimously endorsed the proposal.
GameStop said it has accumulated a 5% economic stake in eBay through derivatives and beneficial ownership of common stock. It said the financing package would include about $9.4 billion of cash and liquid investments and a $20 billion highly confident letter from TD Securities; Cohen also said he would take the offer directly to shareholders if eBay is not receptive and would serve as chief executive of the combined company.
From the sources (25 posts)
@wsjGameStop is preparing a takeover offer for the online marketplace eBay. If the videogame retailer succeeds, it won’t be buying your dad’s eBay.
@zerohedge*GAMESTOP OFFERING TO BUY EBAY FOR $125 A SHARE: WSJ
@deitaone*GAMESTOP OFFERING TO BUY EBAY FOR $125 A SHARE: WSJ
@theinsiderpaperJUST IN - GameStop Is Offering to Buy eBay for $56 Billion, CEO Ryan Cohen Says — WSJ
@financialjuiceGamestop offering to buy eBay for $125 a share - WSJ $GME $ebay
@kobeissiletterBREAKING: GameStop, $GME, is offering to buy eBay at $125/share per WSJ. This would be a ~20% premium to eBay’s closing price on Friday, meaning an implied market cap of $55 billion. That’s nearly 5 times the market cap of GameStop.
@negligible_cap*GAMESTOP CEO COHEN SAYS OFFERING TO BUY EBAY FOR $56B: WSJ Cohen offering $56B for $EBAY, or a 20% premium to the closing price on Friday. He already has a 5% stake Offer is $125 / share in cash and stock. He has a letter from TD Bank to
@unusual_whalesBREAKING: GameStop, $GME, is offering to buy eBay, $EBAY, for $125 a share, per WSJ
@stockmktnewzGmeStop $GME just said it has made a ~$56 Billion unsolicited bid to acquire $EBAY GameStop CEO Ryan Cohen has already built a ~5% stake in eBay and is offering to buy the rest at ~$125 per share in cash and stock Cohen said he has a com
@disclosetvJUST IN - GameStop offers to buy eBay for $56 billion — WSJ
@stocksavvyshay$GME is reportedly trying to buy $EBAY in a $56B cash-and-stock deal after building a ~5% stake. The offer would be massive relative to GameStop’s ~$12B market cap and Ryan Cohen says he’s ready to take it directly to shareholders if eBay
@cointelegraph🚨 JUST IN: GameStop CEO Ryan Cohen is offering $56 billion to acquire eBay, with plans to turn it into a major competitor to Amazon, per WSJ.
@faytuksnetworkGameStop will make an unsolicited $56 billion offer for eBay, the CEO announces
@businessGameStop will offer $125 in cash and stock per eBay share in a takeover proposal valued at about $56 billion, the Wall Street Journal reported, citing an interview with GameStop Chief Executive Ryan Cohen
@bulltheoryioGameStop $GME is reportedly offering $125/share to acquire eBay per WSJ. That values eBay at nearly 5x GameStop’s own market cap.
@mtsliveSITUATION UPDATE: GameStop is offering to buy eBay at $125 per share, a roughly 20% premium to Friday’s close, implying a market cap of $55B for eBay. That is almost 5 times GameStop’s own market cap, per WSJ.
@morningbrewJUST IN: GameStop CEO Ryan Cohen says he's offering to buy eBay for about $56 billion
@wsjGameStop CEO Ryan Cohen said in an interview that he is making an unsolicited $56 billion offer for eBay
@morningbrewGameStop's eBay offer........$56 billion GameStop's market cap......$11.9 billion
@techmemeGameStop CEO Ryan Cohen says he is making an unsolicited ~$56B offer to buy eBay and will take the offer to shareholders if the company is not receptive (@laurenthomas / Wall Street Journal) (Visit Techmeme dot com for the link and full co
@wallstengineWSJ: GameStop CEO Ryan Cohen says he is offering $56B for eBay, or $125 a share in cash and stock, a 20% premium to Friday’s close. Cohen says $GME has built a 5% $EBAY stake and has a TD Bank letter for $20B in debt financing. https://t.
@firstsquawkGAMESTOP CORP: HAS PROPOSED TO ACQUIRE ALL OUTSTANDING COMMON STOCK OF EBAY INC. AT $125.00 PER SHARE — COMPRISING 50% CASH AND 50% GAMESTOP COMMON STOCK — IN A DEAL VALUING EBAY AT AN AGGREGATE UNDILUTED EQUITY VALUE OF ROUGHLY $55.5 BILLI
@firstsquawkGAMESTOP HAS ACCUMULATED A 5% ECONOMIC STAKE IN EBAY THROUGH A COMBINATION OF DERIVATIVES AND BENEFICIAL OWNERSHIP OF COMMON STOCK, WITH FINANCING FOR THE TRANSACTION COMPRISING APPROXIMATELY $9.4 BILLION IN CASH AND LIQUID INVESTMENTS ON I
@firstsquawkGAMESTOP CHAIRMAN RYAN COHEN: WILL SERVE AS CEO OF THE COMBINED COMPANY, ADDING THAT HE WILL RECEIVE NO SALARY OR CASH BONUSES — HIS COMPENSATION WILL BE TIED EXCLUSIVELY TO THE PERFORMANCE OF THE COMBINED ENTITY.
@businessGameStop proposes to buy eBay for about $56 billion in cash and stock