GameStop CEO Considering Withdrawal of eBay Takeover Bid
Ryan Cohen is weighing a partnership or joint venture after financing concerns and eBay board opposition challenged the $56 billion takeover bid.
- GameStop CEO Ryan Cohen is reportedly considering withdrawing the $56 billion bid for the marketplace, potentially pivoting to a joint venture instead, according to Bloomberg.
- Unsurprisingly, the board rejected the initial proposal, calling it "neither credible nor attractive," while GameStop's stock has dropped 28% since the offer was announced in May.
- Cohen is weighing a deal allowing the marketplace to utilize GameStop's roughly 1,600 retail locations, with the retailer holding 9.8% ownership as Vanguard's second-largest shareholder.
- A commitment from Securities for up to $20 billion in debt was contingent on the combined business securing an investment-grade credit rating, complicating the acquisition.
- No final decision has been made, as Cohen could still pursue other options; he previously vowed that GameStop was coming for the marketplace "one way or another.
42 Articles
42 Articles
According to news agency Bloomberg, GameStop is considering dropping its takeover bid for eBay. Instead, the American video game retailer reportedly wants to propose a partnership or joint venture. This would allow the well-known auction site to use GameStop's roughly 1,600 physical stores to sell merchandise.
GameStop (NYSE: GME) Pivots Toward eBay (NASDAQ: EBAY) Partnership As $55.5BN Takeover Bid Loses Steam
GameStop (NYSE: GME) is weighing a potential partnership or joint venture with eBay (NASDAQ: EBAY) after its ambitious $55.5 billion takeover bid ran into significant resistance from the e-commerce giant’s board. Bloomberg reported, citing unnamed sources, that the video game retailer is now considering alternatives to the outright acquisition it proposed earlier this year. CEO Ryan Cohen led the charge on an unsolicited, non-binding offer made …
GameStop Under Pressure As Sony Ends Physical Games While SEGA Reports Strong Growth – channelnews
GameStop is facing renewed questions over the future of its retail operations as Sony moves towards ending physical PlayStation game releases, while strong performance from major games publisher SEGA highlights the continuing shift in where consumers are spending their money. The development comes as GameStop is reconsidering its US$56 billion bid for eBay, with CEO Ryan Cohen reportedly weighing a partnership or joint venture instead. Meanwhile…
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