NEW YORK CITY — In a surprising turn of events, GameStop has reportedly put forth an unexpected bid to take over the U.S. online trading platform, eBay Inc. The proposed deal is said to be worth approximately $56 billion, as per a recent report by the Wall Street Journal. The information was revealed during an interview with GameStop’s CEO, Ryan Cohen.
GameStop, which currently holds a stake of around 5% in eBay, has proposed an offer of $125 per share, payable in both cash and stock. According to Cohen, this offer signifies a premium of nearly 20% over eBay’s closing price last Friday.
Cohen has expressed his readiness to initiate a proxy battle and present the offer directly to eBay’s shareholders, should the company not be open to the proposal, the report further elaborated.
“eBay has the potential to be — and will be — valued significantly higher,” Cohen stated during his interview with the WSJ. “My vision is to transform eBay into a company worth hundreds of billions of dollars.”
The CEO of the video game retail giant also mentioned that he has secured a commitment letter from TD Bank, which promises about $20 billion in debt financing.
As per the report, GameStop might also look for backing from external investors, including Middle Eastern sovereign wealth funds, to help fund the deal. This information was provided by sources who are familiar with the situation.
At present, GameStop’s market value stands close to $12 billion, while eBay’s market capitalization is around $46 billion, based on calculations by Reuters.
When approached for comments, TD Bank, GameStop, and eBay did not immediately respond to requests from Reuters.
This potential deal could disrupt the traditional M&A strategies. It’s not common for a public company to aim for a takeover of another company that is nearly four times its size. Such deals usually depend on substantial debt, stock issuance, or a combination of both, banking on the future earnings of the merged entity to justify the cost.
GameStop, which is based in Grapevine, Texas, is expected to disclose the details of its offer later on Sunday, according to the WSJ.
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