GameStop’s CEO really wants to own eBay. The company and its CEO, Ryan Cohen, announced on Wednesday that it was withdrawing plans for a performance bonus payout for Cohen.
The payout would’ve been worth up to $35 billion had specific market cap and profit milestones been hit.
But now, Cohen is no longer worried about hitting those goals and getting that money. Instead, the company’s primary focus is now on purchasing the long-running auction platform.
GameStop Won’t Give Up Hope
In May, GameStop made an unexpected $55 billion offer to purchase eBay. The deal would’ve seen eBay acquired by way of 50% cash and 50% GameStop stock, with Cohen acting as dual CEO of both entities.
Just over a week after the proposal, however, eBay rejected the bid.
“We have concluded that your proposal is neither credible nor attractive,” eBay Chairman of the Board of Directors Paul S. Pressler said at the time.
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That didn’t stop Cohen and GameStop from pushing forward. In fact, the company is planning to release “additional materials regarding its proposed acquisition of eBay this week, including a detailed presentation of the strategic rationale and operational plan for the combined company.”
Cohen says that he wants GameStop leadership “fully focused on GameStop’s operating performance and its proposed eBay acquisition.”
The release makes it clear that this latest announcement isn’t an official offer or solicitation for the company. Rather, it’s for “informational purposes only”.
As of publication, eBay has a market cap of roughly $49 billion, with shares trading around $110.56. GameStop’s, on the other hand, are trading at $21.36 per share, with a total market cap of $9.58 billion, over five times lower than eBay.
What do you think of GameStop’s continuing efforts to buy eBay? Leave your thoughts down in the comments and in the official Insider Gaming Discord.
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Mike has been covering the gaming industry since 2012, and has reported on some of the largest events in the industry while also working as an investigative reporter. Outside of…
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