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GameStop Corp. (NYSE: GME) has increased its ownership in eBay Inc. (NASDAQ: EBAY) to 9.8%, reinforcing its determination to pursue a proposed $56 billion acquisition despite the online marketplace’s earlier rejection of the offer. The move underscores CEO Ryan Cohen’s long-term strategy to reshape the e-commerce sector and challenge Amazon’s market dominance.
According to a regulatory filing released Friday, GameStop now owns approximately 43.4 million eBay shares. The latest position marks a significant increase from the 5% economic interest Cohen disclosed when he first approached eBay’s board in May with a cash-and-stock acquisition proposal.
EBay rejected the bid at the time, calling it “neither credible nor attractive.” However, GameStop has continued building its stake by converting derivative positions into common shares. Last month, the company acquired 3.5 million eBay shares for roughly $381 million and completed the settlement of another 39 million shares through put-and-call transactions on Friday.
Cohen reaffirmed his acquisition ambitions in a filing that included remarks from a television interview conducted Thursday. He stated that GameStop remains committed to pursuing eBay, while declining to reveal specific next steps. He also indicated he would not increase the offer prematurely, saying he would not negotiate against himself.
Financing the proposed transaction remains one of the biggest hurdles. GameStop has secured a non-binding financing commitment from TD Securities, a division of Toronto-Dominion Bank (NYSE: TD), for up to $20 billion in debt. The commitment depends on the merged company obtaining an investment-grade credit rating.
Cohen also revealed that several financial partners have expressed interest in backing the acquisition. In addition, GameStop shareholders recently approved an increase in the company’s authorized share count, providing greater flexibility to raise capital through equity if needed.
To further demonstrate confidence in the deal, Cohen has personally committed $500 million toward the proposed acquisition. Investors will closely watch whether GameStop’s expanding ownership stake leads to renewed negotiations with eBay or triggers further strategic developments in the takeover effort.
