SerpApi.Org
According to a regulatory filing on Friday, GameStop owns nearly 10% of eBay, showing that they’re serious about buying eBay after recent unsolicited offer rejections.
Back in May, GameStop’s CEO Ryan Cohen shared his plan to own eBay. And after sending his offer, many were confused about how he was going to afford the buyout in the state that GameStop was currently in. While Cohen explained his intentions in the offer, he also posted hilarious bids and sharing it on X, saying he’s “selling stuff on eBay to pay for eBay.”
Unfortunately, eBay said the offer was “neither credible nor attractive,” which was a lackluster end to it.
However, it seems that wasn’t the official end, as Cohen seems to be serious about buying eBay. In the latest regulatory filings, it was seen that GameStop owns 9.8% of eBay, which is roughly equal to about $5 billion in current eBay stock, or half of GameStop’s total market cap.
“I’m not going to call my shots, but we’re coming for eBay one way or another,” Cohen said to Bloomberg.
During his pitch, Cohen said that the merger would cut costs and lay off tons of people to make eBay more profitable. He plans to merge GameStop and eBay together to create an official competitor to Amazon in the reseller market for physical goods.
As reported by Kotaku, they mention that Cohen is using the “ailing brick-and-mortar chain to buy up equity in eBay.”
During various interviews, Cohen has spoken about buying eBay, though he doesn’t fully explain how he’s going to complete this hostile takeover.
When questioned about his goals, Cohen said, “I own a lot of stock, and I don’t have any perverse incentive. So it’s to make the business a lot more profitable and maximize shareholder value. It’s not that complicated.”
Want to see more exclusive entertainment content like this? Follow Bounding Into Comics on MSN.
Related Headlines
