GameStop Vows to Press eBay Takeover Despite Rejection; Cohen Withdraws $35B Pay Package
- GameStop CEO Ryan Cohen confirmed the retailer will continue pursuing its unsolicited $125/share (50% cash, 50% stock) bid for eBay even after eBay's board rejected the non-binding proposal, and has withdrawn his own ~$35 billion compensation package to focus the company on the deal.
- The May 3 offer targets a company that dwarfs GameStop's own market value, reviving meme-stock-era acquisition chatter and putting pressure on eBay to formally engage or articulate a defense (Reuters, June 26).
- Outcome carries broad read-across to consumer-internet M&A appetite and the influence of activist/retail-driven acquirers.