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Omor Ibne Ehsan

CEO Ryan Cohen Still Thinks GameStop Can Swallow 5X Larger eBay

eBay GameStop Ryan Cohen GME

GameStop's (GME) attempt to acquire eBay (EBAY) has turned into a high-stakes corporate chess match after eBay's board of directors rejected GameStop's initial offer. If you haven't been keeping up with the news, GameStop made an unsolicited, non-binding proposal to acquire 100% of eBay. The offer was 50% cash and 50% GameStop common stock, with a total value of $55.5 billion, or $125 per share.

The issue is that GameStop is worth only $10 billion right now, whereas eBay's market capitalization is approaching $50 billion. Unsurprisingly, eBay's board called the proposal "neither credible nor attractive." Now, GameStop CEO Ryan Cohen is taking the rejection personally and refusing to back down. Cohen has taken to the media — including a lengthy interview with Barron's — to say he intends to present the offer directly to eBay’s shareholders.

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