GameStop proposes to acquire eBay at $125/share; $55.5B equity value

GameStop Corp.

GameStop offered $125/share (50% cash, 50% stock) for eBay, a 46% premium to unaffected Feb 4, 2026 close.
Aggregate undiluted equity value ~$55.5B; GameStop holds 5% economic stake, filing 13D and HSR.
Plans $2B annual cost reductions within 12 months: $1.2B S&M, $300M R&D, $500M G&A.
Cash from ~$9.4B balance sheet and TD Securities $20B highly-confident letter; Ryan Cohen to be CEO post-close.
GameStop turnaround cited: $381M net loss (FY21) to $418M net income (FY25); Board unanimously supports proposal.

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