GameStop shares fall 10% after CEO skirts questions over eBay acquisition details

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GameStop’s shares fell more than 10% on Monday as questions emerged about how the company would finance its surprise $55.5bn bid for eBay.In an interview with CNBC, Ryan Cohen, GameStop’s CEO, skirted repeated inquiries about how the video games retailer could afford the deal, saying he didn’t understand the questions.A letter published on GameStop’s website outlines a half-cash, half-stock proposal to acquire eBay at $125 a share, using about $9.4bn in “cash on hand”, and a $20bn in potential debt financing from TD Securities.

Adding that to GameStop’s market capitalization, valued at about $11bn, brings the total to around $40bn – $16bn short of what it offered in its unsolicited bid.“Where is the rest of the money coming from?” asked the CNBC journalist Becky Quick, following questions from Andrew Ross Sorkin, both co-anchors of the network’s morning talkshow, Squawk Box.“I don’t understand your question,” Cohen replied.“We’re offering half cash, half stock, and we have the ability to issue stock to get the deal done.But the full details of the offer are on our website.

” GameStop did not respond to a request for comment.The video game retailer’s most recent market valuation was about $12bn as of Friday, a fraction of eBay’s worth of $46bn.The games company rose to viral internet fame during the meme-stock craze in 2021, which turned Cohen into the movement’s figurehead and dubbed him the “meme king” by his online followers.Cohen said he had not had any conversations with eBay about the proposal, which eBay confirmed in a statement on Monday.The company declined to comment further until its board of directors had fully considered the proposal.

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Mercedes may have won again but Miami upgrades have shaken up the F1 grid | Giles Richards

The improved form of McLaren and Red Bull in Florida suggests the 2026 title race is likely to run and runThere is a long old way to go but after Formula One emerged from its enforced early season break with an entertaining romp around the Hard Rock Stadium in Miami, it indicated that there may yet be a decent tale to be told this season. One where Mercedes do not have it all their own way.Regulation changes dominated the buildup – of which more later because honestly paragraph two is too early to subject readers to the increasingly soul-destroying phrase “energy management” – but what really mattered in Miami was the sporting imperative of upgrades making a competitive difference.Mercedes had looked ominously strong with three straight wins in the opening three rounds before the five-week break caused by the cancellation of the Bahrain and Saudi GPs. During that time there was no little beavering across the paddock on upgrades for Miami

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RFU backs Steve Borthwick to lead England for 2027 World Cup after Six Nations review

Steve Borthwick and his coaching staff will remain in charge of England’s men despite the team’s worst Five or Six Nations for 50 years. The Rugby Football Union has opted to back Borthwick and his lieutenants through to the Rugby World Cup in Australia next year having completed what it described as “a detailed and robust review” of England’s latest campaign.Despite the team having lost four championship games in the same season for the first time since 1976, the RFU has chosen to keep faith with the Borthwick regime in the belief that things can only get better. The union has decided that sacking the head coach is not the optimal solution, having previously dispensed with Eddie Jones’s services nine months before the 2023 World Cup.“This has been a thorough and honest review, and it is clear that improvement will come from addressing several areas rather than chasing one simple answer,” said the RFU’s chief executive, Bill Sweeney, in a statement

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The Breakdown | Rugby needs to stop the screen-obsessed, finger-pointing, hair-trigger arguments

Game is in danger of losing its integrity by howling about referees’ decisions and unedifying actions on the field under the notional banner of player welfareIt felt like a proper occasion in Bordeaux on Sunday. The trams were so jammed en route to the ground that the kick-off had to be delayed to allow spectators extra time to find their seats. For those who dismiss the notion of club rugby rivaling football for vibrant mass interest, here was a compelling counterpoint: a heaving 42,000-capacity stadium, off-the-scale passion, top-class sport in every respect.Later on, after the game was done, there was another revealing snapshot at the airport. As Bath’s beaten players headed for their flight home they were warmly applauded down to the gate by their travelling supporters

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Carlton fined $75,000 for mishandling of Elijah Hollands’ mental health episode

The AFL has fined Carlton $75,000 for not removing Elijah Hollands from the field while he was experiencing a mental health episode during round six against Collingwood.Hollands appeared to be acting erratically during the match at the MCG, and was admitted to hospital for treatment several days later.The AFL found Carlton should have removed Hollands from the game earlier based on visual cues, performance data and the player’s previously disclosed mental health challenges, and that the club’s failure to do so brought the game into disrepute.The AFL’s chief executive, Andrew Dillon, said the “substantial sanction” was made against the club “collectively” rather than singling out any individuals.“What transpired during the game was something we haven’t seen before and while Elijah did undergo checks, he should not have been left on the field for that period of time,” Dillon said, adding that the incident had highlighted areas of improvement for the code

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‘English cricketers don’t always have that fight’: Simon Harmer on lessons from a decade in county game

The Essex and South Africa spinner has taken more Championship wickets than anyone else since arriving in 2017 – but says 18 teams can reward mediocrityFor 10 seasons, few have earned the right to comment on English cricket more than Simon Harmer. Because for 10 seasons, no one has taken more County Championship wickets than the South African off-spinner who arrived at Essex in 2017 on a six-month contract, his international career stalled and his options narrowing fast.He has since become one of the great imports of the English game: 522 first-class wickets and counting for Essex, two County Championship titles, a Bob Willis Trophy, a return to South Africa’s Test side and, perhaps most importantly, contentment. “My journey has been bumpy,” Harmer says from a sun-drenched beer garden near the Oval. “I can say now that I’m at peace with it

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These are the questions I would ask the Enhanced Games … if they would let me | Sean Ingle

The plan to fly to Las Vegas to cover what the Enhanced Games claims is the “next frontier of human performance” ended with a short email sent at 7.02pm on Friday. “After careful consideration, we are unable to approve your media credential request for this year’s event,” it said. “Due to the high volume of applications and limited media capacity, we could not accommodate all requests … thank you again for your interest and understanding.”Admittedly, the rejection didn’t come entirely out of the blue