Takeover: GameStop apparently considers withdrawing multi-billion dollar Ebay offer
The gaming dealer is apparently considering an alternative to its takeover bid for Ebay. According to a Bloomberg report, company boss Ryan Cohen is examining a different form of cooperation.
Video game retailer Gamestop may be reconsidering its $1 billion takeover bid for online marketplace eBay, according to Bloomberg News. The news outlet cites anonymous sources familiar with the situation, suggesting that Gamestop CEO Ryan Cohen is proposing a partnership or joint venture with eBay instead. This move could allow the online retail platform to leverage Gamestop's approximately 1,600 U.S. retail stores, particularly in high-margin areas such as collectible cards and memorabilia.
As eBay's second-largest shareholder, Gamestop would seek a board seat in a partnership arrangement. However, Gamestop has not yet made a final decision, and Cohen may still explore additional options. Representatives from both companies were initially unavailable for comment. As of mid-July, Bloomberg reported that Gamestop held 9.75% of eBay's shares, placing it as the company's second-largest shareholder behind the Vanguard Group's investment fund.
In early May, eBay rejected Gamestop's $56 billion takeover offer, citing credibility and attractiveness concerns, including funding uncertainties. The bid had been presented to Gamestop just a week prior.
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