eBay has turned down Ryan Cohen’s unsolicited offer to take over its business.
Cohen told Business Insider's Sarah Needleman last week: "I'm going to continue doing whatever I need to do in order to buy the business." {He did state that he would go directly to the stockholders and make a hostile play, if need be.}
GameStop offered to acquire eBay for $125 a share in a cash-and-stock deal. For the cash portion, it pointed to roughly $9.4 billion on its balance sheet and a "highly-confident letter from TD Securities for up to $20 billion."
Cohen, who wants to serve as CEO of the combined company, said in his proposal that he could deliver $2 billion of annualized cost reductions within 12 months of the deal closing.
He added that GameStop's roughly 1,600 US retail locations would give eBay a "national network for authentication, intake, fulfillment, and live commerce."
{The story excerpts are from Business Insider. You can read the full story there (Google it)}