GameStop increases stake in eBay to more than 6%
Quick Take
GameStop raises its stake in eBay to over 6%, signaling increased investment interest.
Key Points
- GameStop's investment in eBay grows significantly.
- The stake increase reflects strategic financial moves.
- Market reactions to the news are being monitored.
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~1 min readReuters
1 min read
May 20 (Reuters) - GameStop has increased its stake in eBay to about 6.55%, the videogame retailer disclosed in a filing on Tuesday, days after the e-commerce company rejected its $56 billion takeover bid.
GameStop previously owned around a 5% stake in eBay and some analysts said its CEO Ryan Cohen could eventually push for a special shareholder meeting or seek board representation more supportive of his proposal.
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In an interview with journalist Piers Morgan last week, Cohen had said eBay's board had a responsibility to engage with his offer in the best interests of shareholders, adding that "we'll do whatever we need to do" if it failed to do so.
EBay rejected the bid over concerns about the financing of the deal, while highlighting its turnaround efforts and improving growth.
(Reporting by Harshita Mary Varghese in Bengaluru and Svea Herbst-Bayliss in New York; Editing by Sriraj Kalluvila)
— Originally published at finance.yahoo.com
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