The latest chapter in video game retailer GameStop's tumultuous story is unfolding, as the company has announced plans to make a deal to buy eBay for $55.5 billion.
GameStop said in a news release that it submitted a "non-binding proposal" to buy 100% of eBay at $125 per share in cash and stock, at 50% each. This would be about a 20% premium over where eBay's stock was trading on Friday and a 46% premium to eBay's closing price on February 4 this year. That was the day that GameStop started buying eBay stock. Today, it owns about 5% of eBay's outstanding stock.
CEO Ryan Cohen told The Wall Street Journal, "There is nobody who is more qualified, based on my experience, to run the eBay business," he said.
Continue Reading at GameSpot* This article was originally published here
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