GameStop increases stake in eBay to more than 6%

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FILE PHOTO: The German headquarters of online marketplace eBay is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow, Germany, August 6, 2019. REUTERS/Fabrizio Bensch/File Photo

By Svea Herbst-Bayliss and ‌Harshita Mary ​Varghese

May ​20 (Reuters) - GameStop increased its stake in eBay to about 6.6% from around 5%, according to a regulatory filing, ‌the latest step in the videogame retailer's push to ⁠buy the e-commerce giant.

"Together, the 25,000 shares of Common Stock beneficially owned directly ‌and the shares of ‌Common Stock underlying Put/Call Pairs constitute approximately 6.55% of the outstanding shares of Common Stock," the filing made by GameStop ​with the U.S. Securities and Exchange Commission said.

Earlier this month GameStop Chief Executive Officer Ryan Cohen surprised Wall Street with ⁠an unsolicited offer to buy eBay for roughly $56 billion.

EBay, which is roughly five times ​as large as GameStop, rejected the offer, calling the proposal "neither credible nor attractive."

Disappointed but not deterred, Cohen has ​said in interviews that he was ‌sticking with his plan to try and buy the company and would take the offer directly ⁠to shareholders if needed.

By increasing his holdings, he might be laying the groundwork to pursue options like calling a special meeting, analysts said.

A ⁠representative for Cohen had no comment beyond the regulatory filing.

EBay's shares jumped 35% ​this year as it reported strong first-quarter earnings amid a fresh focus on high-growth categories like collectibles. Since Jamie Iannone took over as eBay CEO ‌in 2020 after other activist investors forced his predecessor out, eBay's stock has climbed more than ‌201%.

GameStop shares are up about 9% this year but have fallen ⁠65% since Cohen took ‌over as chairman in ​2021.

(Reporting by Harshita Mary Varghese in Bengaluru and Svea Herbst-Bayliss in New York; Editing by Sriraj Kalluvila, ‌Kirsten Donovan)


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