GameStop offers to buy eBay for $56bn
GameStop offers to buy eBay for $56bn Just now Share Save Add as preferred on Google Osmond Chia Business reporter /Nick Zieminski Video game retail chain GamesStop confirmed to the on Sunday that it is making a $56bn...
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An important development from the financial markets: GameStop offers to buy eBay for $56bn Just now Share Save Add as preferred on Google Osmond Chia Business reporter /Nick Zieminski Video game retail chain GamesStop confirmed to the on Sunday that it is making a $56bn (£41bn) unsolicited takeover offer for e-commerce firm eBay. GameStop's chief executive Ryan Cohen told the Wall Street Journal that he sees potential to make eBay a much bigger rival to Amazon, "worth hundreds of billions of dollars".
Cohen said his company has built a stake of around 5% in eBay and that the cash and stock takeover offer would value eBay at $125 a share, around 20% higher than its closing price on Friday. The has contacted eBay for comment.
Cohen also said that GameStop has a commitment letter from TD Bank to provide around $20bn in debt to help finance the deal.
Financial markets are tracking the development closely as investors assess the likely impact.
