eBay Stock Drops 4% As GameStop Eyes Joint Venture Over Takeover
TLDR
- eBay stock dropped more than 4% to around $107 per share on Monday after reports GameStop may withdraw its $56 billion acquisition offer.
- GameStop CEO Ryan Cohen is considering a partnership or joint venture with eBay instead of a full takeover.
- A potential deal structure would let eBay use GameStop’s roughly 1,600 U.S. retail stores, focusing on trading cards and collectibles.
- GameStop would seek board seats at eBay as part of any partnership agreement.
- GameStop stock rose around 1.6% on the news, while eBay fell around 2.2%.
eBay stock dropped more than 4% to around $107 per share on Monday after Bloomberg reported that GameStop CEO Ryan Cohen is weighing a withdrawal of the retailer’s $56 billion takeover bid.
Cohen is now said to be exploring a partnership or joint venture with eBay rather than pushing ahead with a full acquisition.
The shift marks another twist in a deal saga that began in May, when eBay rejected GameStop’s unsolicited offer, calling it “neither credible nor attractive.”
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