GameStop increased its ownership stake in eBay to 7.8%. The company previously held a 6.6% position.
CEO Ryan Cohen is escalating a hostile takeover campaign after eBay’s board rejected an unsolicited $55.5 billion buyout offer. The board dismissed the proposal as unrealistic.
GameStop is now preparing for a proxy contest to gain board seats. This strategy would take the acquisition proposal directly to eBay shareholders. Analysts remain skeptical of the bid due to the significant size difference between the two companies.