GameStop Announces $56bn Bid for eBay
Video game retail chain GameStop confirmed to the BBC on Sunday that it is making a $56 billion (£41 billion) unsolicited takeover offer for the e-commerce company eBay.
GameStop's chief executive Ryan Cohen spoke to the Wall Street Journal about the offer, expressing his vision for eBay's growth potential.
"I see potential to make eBay a much bigger rival to Amazon, worth hundreds of billions of dollars."
Cohen revealed that GameStop has acquired a stake of approximately 5% in eBay. The proposed cash and stock takeover offer values eBay at $125 per share, which is about 20% higher than its closing price on the previous Friday.
The BBC has reached out to eBay for a response regarding the offer.
Additionally, Cohen stated that GameStop has secured a commitment letter from TD Bank to provide approximately $20 billion in debt financing to support the transaction.
