NewsSOS
A $56 billion unsolicited bid for eBay Inc. (NASDAQ: EBAY) may be withdrawn before it advances, Bloomberg reported August 10, as GameStop Corp.
(NYSE: GME) chief executive Ryan Cohen weighs replacing the offer with a commercial partnership. GameStop shares gained 1.6% in early trading on the report; eBay fell 2.2%.
The May bid priced eBay at $125 per share, half cash and half GameStop stock.
eBay's board rejected it within days, calling the approach "neither credible nor attractive." The board cited doubts about how GameStop, which held $8.4 billion in cash at a time its own market value had slipped to $8.6 billion, would finance an acquisition of a company roughly six times its size.
Keep reading