GameStop is planning to make a takeover offer for eBay.
According to sources familiar with the matter, GameStop CEO Ryan Cohen is planning to make a takeover bid for the e-commerce platform eBay, which has a market capitalization of approximately $45 billion, with the aim of transforming it into a retail giant valued at over $100 billion—while GameStop’s current market cap stands at only about $11 billion. Per Bitget market data, following the news, eBay’s after-hours stock price surged more than 10% on U.S. markets, while GameStop rose roughly 5% in tandem. The sources also revealed that GameStop has quietly accumulated shares of eBay and may submit its formal offer as early as later this month; should eBay’s board reject the proposal, Cohen could launch a direct tender offer to eBay’s shareholders. Earlier this year, Cohen explicitly stated he is scouting major acquisition targets in the consumer and retail sectors, seeking to expand the company’s business beyond video games and collectibles. He recently revised his compensation plan, under which he stands to receive up to $35 billion in stock awards if certain conditions—including achieving a $100 billion market capitalization—are met.
As of the end of March, GameStop held approximately $9 billion in cash—nearly double the $4.8 billion it held a year earlier—providing financial firepower for this “snake-swallowing-elephant”-style acquisition. Over the past 12 months, eBay’s stock has risen more than 50%; in February, it acquired the secondhand fashion platform Depop for $1.2 billion, further focusing on collectibles.
