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GameStop’s Activist Investor CEO Ryan Cohen Makes $56B Bid for eBay

The proposal has raised immediate questions about financing. GameStop, with a market capitalization of about $11 billion, has roughly $9 billion in cash and reportedly $20 billion in committed financing, but that still leaves a significant shortfall.

Ryan Cohen, the billionaire activist investor and CEO of GameStop, has made a $56 billion bid to acquire eBay, marking his most ambitious deal yet. In a letter sent yesterday (May 3), GameStop offered $125 per share in a cash-and-stock transaction, a roughly 20 percent premium to eBay’s closing price last week and a 46 percent premium to its Feb. 4 close, the day GameStop began building a 5 percent stake in the company. If completed, Cohen would lead the combined company as CEO.

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