GameStop CEO seeks direct shareholder appeal for eBay bid

GameStop CEO Ryan Cohen has intensified his campaign to acquire eBay, declaring his intention to bypass the online marketplace's management and appeal directly to its shareholders. The move follows eBay's board formally rejecting GameStop's unsolicited takeover proposal earlier this year and signals a shift toward a more aggressive, potentially hostile acquisition strategy.

In an interview on Bloomberg TV on July 16, Cohen stated, "We're coming for eBay one way or another." He characterized eBay's leadership as entrenched and criticized the board for hiding behind advisors. Cohen revealed plans to present his acquisition case directly to eBay's shareholder base, effectively sidelining management. He also defended the financial rationale of the proposed merger, asserting that a combined company would maintain investment-grade credit and deliver significant cost synergies for GameStop investors.

GameStop's pursuit gained a key procedural tool when its shareholders approved a major expansion of the company's authorized share count at its annual meeting on July 7. The amendment increases the number of authorized Class A common shares to 2.5 billion, giving GameStop significantly...