Yeah you read that correctly, GameStop attempted a purchase of eBay.
Let’s keep in mind that eBay is worth about 4x that of GameStop. The thought here was to combine services allowing brick and mortar locations for eBay while opening GameStop to online sales.
It took me a while to get back to the article and since I began eBay has since rejected the purposed offer. This was the expected outcome as it wasn’t exactly clear where GameStop was coming up with the money for the purchase.
eBay called the $56B GameStop bid “neither credible nor attractive”.
Had the GameStop CEO Ryan Cohen been able to close this massive merger it would have made him eligible for a $35B [yes Billion] bonus. Wayne Gretzky said something about missing every shot you don’t take, this might have been what he was referring to.
I think it’s pretty obvious by everything here the CEO of GameStop had the players best interest in mind. Might have been better off finding a way to leverage a meme stock again for the financing.
Do you think GameStop should have done more to purchase eBay? Are you like eBay and didn’t even know they are for sale?
If we learn anything else we’ll let you know.
GameOn
CellPhish
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