GameStop nearly doubles eBay stake to 9.8% in bold takeover bid after $57B offer rejected

GameStop, led by Ryan Cohen, has nearly doubled its stake in eBay to 9.8% following the rejection of its $57 billion unsolicited takeover proposal. Cohen, who transformed Chewy and revived GameStop, is now eBay's largest shareholder and is engaging institutional investors, signaling a prolonged takeover battle. eBay's board dismissed the offer as not credible, citing financing and strategic concerns, while Cohen envisions merging to create a digital commerce giant to rival Amazon. Despite skepticism over funding and operational challenges, Cohen continues to push forward, aiming to leverage eBay's marketplace and GameStop's brand to compete more effectively in e-commerce.