Gamestop CEO’s unsolicited bid for eBay looks DOA
Semafor • • business
Key Points:
- eBay’s board is set to review a $56 billion unsolicited bid from GameStop’s Ryan Cohen this week, according to sources familiar with the matter.
- Cohen’s CNBC interview was widely seen as disastrous, as he appeared to cater to his retail investor base rather than the institutional investors crucial for a takeover.
- Cohen has a reputation for opposing legacy financial media and big investors, but this stance may hinder his ability to gain the support needed for a proxy fight at eBay.
- Despite eBay shares rising over 12% before the interview, they returned to their previous levels afterward, indicating no significant investor confidence boost from Cohen’s appearance.
- Cohen did not clarify the financial details of his bid during the interview, frustrating hosts and failing to secure public backing from serious shareholders.
