GameStop boosts eBay stake to 6.6% amid takeover push
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E-mailInvesting.com -- GameStop has increased its stake in eBay to approximately 6.6% from around 5%, according to a regulatory filing with the U.S. Securities and Exchange Commission on Wednesday.
The filing stated that GameStop's holdings include 25,000 shares of common stock owned directly, plus shares underlying put/call pairs, totaling about 6.55% of eBay's outstanding shares.
Earlier in May, GameStop Chief Executive Officer Ryan Cohen made an unsolicited offer to acquire eBay for roughly $56 billion, surprising Wall Street. EBay, which is approximately five times larger than GameStop, rejected the proposal, describing it as "neither credible nor attractive."
Cohen has stated in interviews that he remains committed to his acquisition plan and would take the offer directly to shareholders if necessary. Analysts suggest that by increasing GameStop's holdings, Cohen may be preparing to pursue options such as calling a special meeting.
EBay's shares have risen 35% this year following strong first-quarter earnings and a strategic focus on high-growth categories like collectibles. GameStop shares are up about 9% this year but have declined 65% since Cohen assumed the chairman role in 2021.
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