GameStop announced Sunday it has made an unsolicited, non-binding offer to acquire eBay for $125 per share in a cash-and-stock deal, valuing the e-commerce platform at roughly $55.5 billion. The proposal raises immediate questions about financing.
GameStop made a surprise $55.5 billion offer to buy eBay. Its CEO, Ryan Cohen, went on CNBC Monday to explain how the company would fund it.
Shares of eBay moved sharply higher in premarket trading on Monday after Ryan Cohen, chief executive of GameStop, made an unsolicited offer to acquire the company for about $56 billion. The stock rose roughly 7.4% before the opening bell, extending gains after reports that GameStop had been quietly building a stake in the online marketplace operator.
GameStop CEO Ryan Cohen made an offer to buy eBay for $55.5 billion, according to the Wall Street Journal.
On May 3, GameStop (NYSE: GME) attempted to make history by issuing an unsolicited acquisition offer worth to the beleaguered online marketplace eBay (NASDAQ: EBAY) worth a total of roughly $55.5 billion.
GameStop (GME) has launched a bold $56B non-binding takeover bid for eBay (EBAY) at $125/share, a 46% premium. Spirit Airlines (FLYYQ) is finalizing passenger refunds and crew repatriation after ceasing operations, following failed bailout and bankruptcy.
GameStop CEO Ryan Cohen proposed a $56 billion buyout of eBay. GameStop's bold move to acquire eBay sparked a flood of memes.
GameStop made a non-binding takeover proposal for eBay, offering $125 per share. EBay shares jumped more than 13% higher in after-hours trading; GameStop jumped 4%.
GameStop stock price will be in the spotlight on Monday as the company makes a leveraged bid for eBay, the e-commerce pioneer. GME stock jumped by over 6% on Friday, reaching its highest point since October last year.
GameStop Chief Executive Ryan Cohen has made an unsolicited offer to acquire eBay Inc for about $56 billion, the Wall Street Journal reported on Sunday.
Cohen said GameStop has built a roughly 5% stake in eBay and was offering $125 a share in cash and stock, a roughly 20% premium to its closing price on Friday.
GameStop reportedly hopes to acquire eBay in its push to become a $100 billion company. The video game retailer has been building a stake in eBay, The Wall Street Journal (WSJ) reported Friday (May 1), citing sources familiar with the matter.