Overview
- eBay's board, which issued a letter Tuesday, called the offer "neither credible nor attractive."
- GameStop proposed to fund the deal with a loan of about $20 billion plus roughly $28 billion in newly issued shares.
- The retailer asked investors to lift its share limit from 1.0 billion to 2.5 billion at a June 12 vote, a step that would dilute current holders.
- The bid targets a company valued near $48 billion while GameStop is under $10 billion, raising doubts about feasibility.
- Ryan Cohen’s pay award of options on about 172 million shares has drawn scrutiny as a possible motive for a transformative deal.