NewsMV
The $55.5bn takeover approach for eBay (EBAY) appears to be giving way to a partnership arrangement, with GameStop (GME) examining a joint venture option after eBay's board called its unsolicited May offer "neither credible nor attractive," Bloomberg reported citing unnamed sources.
CEO Ryan Cohen has continued accumulating eBay shares in the interim, bringing GameStop's stake to 9.75% as of 15 July and making it the e-commerce platform's second-largest shareholder behind Vanguard Group funds.
The next milestone: board representation at eBay, which sources say GameStop would seek as part of any cooperative deal.
The partnership option in focus One structure under consideration would have GameStop and eBay working together to expand presence in higher-margin categories including trading cards and collectibles, using GameStop's network of 1,600 US stores.
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