Ryan Cohen offers $125 per share for eBay, backed by $9.4 billion in cash and $20 billion debt financing, despite board refusal.
GameStop CEO Ryan Cohen proposed a $56 billion takeover of eBay, offering $125 per share in a mix of cash and stock. The bid was rejected as “neither credible nor attractive” by eBay’s board, though Cohen vowed to proceed with unspecified next steps.
Cohen’s offer relied on GameStop’s $9.4 billion cash reserves and a $20 billion debt financing commitment from TD Securities, contingent on investment-grade credit ratings. Analysts question the feasibility of securing such ratings for a deal nearly five times GameStop’s size.
One potential path forward involves a tender offer, bypassing eBay’s board to appeal directly to shareholders. Such moves are rare but could pressure eBay to engage, bankers and analysts said.