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00:02GameStop made an unsolicited $56 billion offer to acquire eBay, according to Reuters.
00:08GameStop built a roughly 5% stake and is offering $125 per share in cash and stock,
00:14a nearly 20% premium to eBay's Friday close.
00:18Cohen said he would pursue a proxy fight if eBay does not engage.
00:22Said he believes eBay is undervalued and plans to grow it into a company worth hundreds of
00:27billions of dollars.
00:29GameStop CEO Ryan Cohen said he believes eBay is undervalued and plans to grow it into a
00:34company worth hundreds of billions of dollars.
00:37He said he secured a $20 billion debt commitment from TD Bank and could seek funding from external
00:42investors.
00:44GameStop holds a market value of nearly $12 billion, while eBay is valued at about $46 billion.
00:51Such a deal would be unusual because a smaller public company is targeting a much larger one,
00:56relying on debt and stock issuance while betting future combined earnings will justify the
01:00cost.
01:01For all things money, visit Benzinga.com.
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