US video game retailer GameStop has announced a $55.5 billion acquisition offer for e-commerce platform eBay, proposing a combination of cash and stock valued at $125 per share. The news has drawn significant market attention to this potentially industry-shifting transaction. 
GameStop CEO Ryan Cohen stated that if the deal is successfully completed, he would personally lead the merged company, aiming to transform eBay into "a true competitor to Amazon." He emphasized that this move is not merely about expanding the business footprint but represents a crucial step in the company's transition from traditional game retail.
Regarding financing, GameStop indicated that the cash component would be sourced from its approximately $9.4 billion in cash and liquid assets, supplemented by third-party financing, including up to $20 billion in debt capital. However, other funding sources were not explicitly detailed. Reports also suggest Cohen may seek support from Middle Eastern sovereign wealth funds to finalize the deal.
GameStop simultaneously criticized eBay for currently "spending more and earning less," proposing $2 billion in cost reductions within a year post-integration, hinting at potential large-scale restructuring. Additionally, the company plans to leverage its approximately 1,600 US store locations to serve as authentication, collection, and logistics centers for eBay products, even integrating offline verification with online sales.
In a letter addressed to eBay President Paul Pressler, Cohen stated he would forgo salary or bonuses, with his compensation tied entirely to the company's performance. He also stressed that should eBay reject the proposal, he would launch a direct takeover bid to shareholders.
In recent years, GameStop has continuously pursued transformation, including exiting the cryptocurrency and NFT markets and closing numerous stores. For fiscal year 2025, its revenue slightly decreased to $3.63 billion, but the company returned to profitability. Analysts suggest this acquisition is not just corporate expansion but could prove to be a pivotal "make-or-break" moment for Cohen.
via： WSJ