GameStop Builds $4.35B eBay Stake as eBay Board Rejects Bid
Over 10 weeks, GameStop spent about $4.35 billion of its cash buying eBay shares, reaching a 9.8% stake with voting rights. It later filed an offer proposal with SEC terms described as non-binding to buy remaining shares at $125 a share in cash and stock. eBay’s board rejected it, while Ryan Cohen said he’d invest $500 million personally and cut $2 billion in costs in year one.