GameStop has proposed a $55.5 billion takeover of eBay, aiming to gain control over the online marketplace where people buy and sell collectibles, apparel, and other goods.
Under this deal, GameStop plans to offer $125 per share for eBay in cash and stock. The video game retailer already holds a 5% stake in eBay.
CEO Ryan Cohen stated that TD Securities has committed $20 billion towards funding the acquisition.
eBay responded by saying it will review the proposal to determine what is best for the company and its shareholders.
Cohen indicated he would consider launching a hostile bid if eBay rejects the offer. He also noted eBay could be a strong competitor to Amazon, potentially worth hundreds of billions of dollars.
Despite GameStop’s smaller market cap at nearly $12 billion compared to eBay’s valuation of around $49 billion, shares fell 2% in early trading on Monday. Conversely, eBay’s stock rose by 5%, reaching $109.72.
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