GameStop (GME) Stock Surges on Reports of Potential eBay Acquisition Bid
GameStop is reportedly preparing to submit a takeover proposal for eBay as early as this month, causing GME shares to increase approximately 5% in after-hours trading and eBay's stock to surge over 10%. GameStop has been accumulating an ownership position in eBay prior to making a formal proposal.
GameStop is gearing up to submit a takeover proposal for eBay as early as this month. Following the news, GME shares increased approximately 5% in after-hours trading, while eBay surged over 10%. GameStop has been discreetly accumulating an ownership position in eBay prior to making a formal proposal. GameStop's market value is $11 billion, while eBay is worth $45 billion. CEO Ryan Cohen could pocket as much as $35 billion if GameStop achieves a $100 billion valuation. GameStop's cash reserves stood at approximately $9 billion as of late March.
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