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Video game retailer GameStop saw its share price drop 3.4% on Tuesday, 12 May, hitting an intraday low of $22.39 on the NYSE.
eBay's board unanimously rejected GameStop's $56 billion takeover offer citing financing and operational risks.
KEY POINTS
- GameStop's bid involved borrowing $20 billion and offering eBay shareholders 50% cash and 50% GameStop stock.
- Ryan Cohen indicated willingness to pursue a proxy fight to replace eBay board members if rejected again.
- Cohen pledged $2 billion in annualised cost reductions within 12 months, targeting eBay's sales and marketing budget.
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