Ryan Cohen increases eBay stake to 7.8% and threatens tender offer despite board rejection and low deal odds.
GameStop CEO Ryan Cohen confirmed plans to pursue a hostile bid or tender offer for eBay at $125 per share, growing his stake to nearly 8%. The move follows eBay’s board rejecting his $55.5 billion offer as uncredible due to financing and governance risks.
Cohen’s bid targets a $50 billion valuation for eBay, backed only by a ‘highly confident’ financing letter, not committed capital. Polymarket assigns a 14% probability to the deal, while investor Michael Burry exited GameStop, citing unsustainable debt. GameStop’s $10 billion market cap contrasts sharply with the proposed acquisition size.
eBay’s board dismissed the offer in May, calling it unattractive. Cohen’s response—continued share accumulation—signals escalation rather than retreat.