GameStop's eBay Pursuit Resurfaces After Stake Climbs to 9.8%

GameStop Corp. (NYSE:GME) is back in focus Monday after the company disclosed a 9.8% stake in eBay Inc. (NASDAQ:EBAY) on Friday, reigniting attention on its pursuit of the e-commerce platform.

• eBay stock is trading at elevated levels. Where is EBAY stock headed?

GameStop Boosts eBay Stake to 9.8%

According to a regulatory filing made late Friday, GameStop now owns 43.4 million shares of eBay, representing a 9.8% stake in the company — a sharp increase from the 5% economic stake CEO Ryan Cohen initially disclosed when he approached eBay’s board in May. GameStop acquired more than 3.5 million shares for $381.3 million between June 8 and June 15, followed by roughly 39 million additional shares through put/call pairs on June 17.

Cohen Vows to Pursue eBay Deal

GameStop submitted a non-binding proposal on May 3 to acquire all outstanding eBay shares it doesn’t already own for $125 per share in a cash-and-stock deal, valuing the transaction at approximately $56 billion. eBay’s board rejected the offer, calling it “neither credible nor attractive.”

Despite the rejection, GameStop has continued building its position and reaffirming its intent to pursue the deal, with Cohen stating he intends to acquire the platform “one way or another.” The proposed transaction remains non-binding and would be subject to negotiation, financing, regulatory approvals, and stockholder votes from both companies.

GameStop, eBay Shares Trade Flat

Price Action: At the time of publication, GameStop shares are trading 0.05% higher at $21.90 and eBay shares are trading 0.84% higher at $113.00, according to data from Benzinga Pro.

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