GameStop seeks shareholder approval to increase authorized shares, potentially enabling further acquisition efforts after eBay rejected its $55 billion offer.
GameStop has filed to increase its authorized share count to 2.5 billion from 1 billion, a move that could provide additional capital for future acquisitions. The proposal is part of five items up for vote at its July 7 annual shareholder meeting, according to an SEC filing on Friday.
The retailer recently attempted to acquire eBay in a $55 billion half-stock, half-cash deal, which was rejected. The filing states the company aims to position itself for opportunities that drive long-term stockholder value, including potential strategic moves.
Shareholders will also vote on executive compensation and board director proposals, as the company emphasizes operational improvements and expanded capabilities.