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GameStop makes $55.5bn takeover offer for eBay

about 14 hours ago
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US video games retailer GameStop has offered to buy eBay for $55.5bn (£41bn) in an unsolicited bid that its boss warned could turn hostile if the proposal is rebuffed by eBay’s board.GameStop, which has quietly accumulated a 5% stake in eBay, said it was willing to pay $125 a share, split 50-50 between cash and stock.It is an ambitious move by the games company, which catapulted to fame during the meme-stock craze of 2021 but is worth far less than its takeover target.GameStop had a market valuation of roughly $12bn on Friday before its bid, while eBay – originally launched as a side hobby by its founder Pierre Omidyar in 1995 – is worth about $46bn.

But Ryan Cohen, who has run GameStop since 2020, claims eBay could be worth much more under his leadership, saying in a letter to eBay chair, Paul Pressler, that he would immediately launch a cost-cutting programme that would slash $2bn worth of spending a year,“Ebay should be worth – and will be worth – a lot more money,” Cohen told the Wall Street Journal,“I’m thinking about turning eBay into something worth hundreds of billions of dollars,” Cohen said, adding: “It could be a legit competitor to Amazon,”Cohen, dubbed the “meme king” by retail traders and online followers, told the WSJ that he was prepared to take the offer directly to eBay shareholders, turning the bid hostile, if eBay’s board was not receptive to his proposal,The offer is now backed by a $20bn bank loan from TD Securities, although Cohen could also turn to external investors including Middle Eastern sovereign wealth funds for the deal, according to the report.

GameStop’s claim to fame came during the meme stock craze of 2021, when a meme-fuelled “revolution” in investing led to gen Z and millennial investors piling into the stocks in a frenzy that came close to bankrupting a number of hedge funds.Those investors sent GameStop shares up from $3.25 in April 2020 to $347.50 in late January 2021 – a rise of 10,692%.They were piling into the stock just as hedge funds started betting against the company after pandemic doldrums, when gamers were moving online.

While GameStop has since shut hundreds of stores, including 590 in 2025, Cohen said the 1,600 remaining sites would offer eBay a “national network for authentication, intake, fulfilment, and live commerce”.Those stores could serve as “drop-off and shipping nodes”, and double as broadcasting studios, with eBay providing the goods and customer base for events like livestreamed auctions, it said.“GameStop staff already inspect and grade hardware and trading cards every day.Sellers walk in, items are verified on the spot, and listings carry a trust badge,” GameStop’s slide deck added.In his letter to eBay’s chair, Cohen hit out at the online resale site for spending $2.

4bn on sales and marketing in 2025, while only seeing a 0.75% increase in active buyers, on a net basis.“More spend is not producing more users on a marketplace with near-universal brand recognition,” he saidHis cost-cutting plan would slash $1.2bn from eBay’s annual sales and marketing budget, another $300m from product development, and $500m from administrative departments including HR, legal support and IT.“Our board unanimously supports this proposal,” Cohen said.

It came days after eBay reported first-quarter results, having reported revenue of $3,09bn, beating analysts’ estimate ‌of $3,04bn, as it stepped up its use of AI to improve communication between buyers and sellers,Ebay bosses now expect second-quarter revenue to beat Wall Street forecasts, thanks to demand for collectibles and the growing popularity of live-streamed auctions,Ebay is also in the process of acquiring the British secondhand fashion resale app Depop from Etsy for about $1.

2bn in cash, in an effort to target younger, fashion-loving consumers.
societySee all
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Thousands of cancer patients in England to benefit from new immunotherapy jab

Thousands of patients across England each year will benefit from a new immunotherapy treatment that can be used for several types of cancer, the NHS has announced.The injectable form of pembrolizumab, which can be administered in under two minutes, kills cancer cells by blocking a protein called PD-1, which acts as a brake on immune responses, allowing the immune system to recognise and attack cancer cells.This new form of immunotherapy will replace pembrolizumab, which is administered via an intravenous drip in a specialist clean room. Preparing and administering it can be time-consuming and expensive for NHS staff to maintain, taking about two hours per session for patient.Most of the 14,000 patients already taking pembrolizumab are expected to benefit from the new injectable version

about 21 hours ago
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One in three HR leaders face opposition to inclusion schemes, study finds

More than a third of HR decision-makers in the UK said they have faced pushback against equity, diversity and inclusion (EDI) initiatives over the past year, according to new research.The new YouGov poll, carried out for the national employment charity Working Chance, surveyed 565 HR decision-makers and found that resistance towards EDI was on the rise.The findings raised concerns about the impact on people with convictions, who often rely on inclusive hiring practices to access work.Working Chance, which supports women with convictions into employment, warned that scaling back inclusive hiring risked entrenching social exclusion and undermining efforts to reduce reoffending.Evidence consistently shows that stable employment is one of the most effective ways of preventing people from returning to the criminal justice system, the charity said

1 day ago
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Welcome to Anxietyland: I used alcohol to hide my fear – but booze became a very bad friend

In 2018, I was in my 30s and living in Oakland, California, having moved there from the UK in 2015. I had always struggled with anxiety and panic attacks, but I was doing fairly well – until suddenly I wasn’t. I started having back-to-back panic attacks, wandering the streets of Oakland and nearby Berkeley in a desperate attempt to shake them, without success.My life felt like an out-of-control fairground ride. Actually, it felt more like an entire theme park

2 days ago
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UN warns women in public life face increasingly sophisticated online violence

Women in public life are facing growing and increasingly sophisticated forms of online violence, the UN has said, warning that “AI-assisted ‘virtual rape’ is now at the fingertips of perpetrators”.Female rights campaigners, journalists and other public communicators face a deepening threat owing to a combination of artificial intelligence, anonymity and the absence of effective laws and accountability, a report published by UN Women found.Of more than 600 women in public life, 6% said they had been victims of deepfakes, while nearly a third said they had received unsolicited sexual advances online. About 12% said they had had images of themselves shared without their consent, including intimate or sexual content.“Artificial intelligence is making abuse easier and more damaging,” said Kalliopi Mingeirou, who leads UN Women’s efforts to end violence against women

3 days ago
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Woman’s fight for sterilisation raises questions over access to procedure

A psychologist who was denied sterilisation on the NHS has successfully challenged the decision after taking her case to the health ombudsman, raising questions over how accessible the procedure should be.Leah Spasova spent years seeking an operation to prevent pregnancy by blocking the fallopian tubes. Many argue that barriers faced by women, from funding refusals to stricter eligibility criteria, amount to unequal treatment compared with men seeking vasectomies, and limit bodily autonomy.However, others say tighter controls reflect legitimate medical concerns, including the procedure’s relative risk, its permanence, and evidence that some patients later regret the decision.In 2024-25, 10,793 female sterilisations were carried out, down 22% on a decade ago, while there were 26,385 vasectomies, up 16% year on year

4 days ago
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Solicitors report late flood of no-fault evictions before ban in England

Solicitors say they have been inundated with requests to serve last-minute section 21 no-fault eviction notices before they are banned when the Renters’ Rights Act comes into force in England on Friday.The legislation, which has been hailed as the biggest change to renting in a generation, bans no-fault evictions, limits rent increases and abolishes fixed-term tenancies.On the eve of the new rules, solicitors said they were working long hours to keep up with the sudden demand for eviction notices, while Citizens Advice said thousands of people facing a no-fault eviction had approached it for help in the last month.In March, the service helped 2,335 people dealing with a no-fault eviction, up 16% on the same time last year, as well as more than 1,800 people dealing with disrepair such as damp and mould, and more than 1,000 with rent increases.Thackray Williams, a London- and Kent-based law firm, said it had received a wave of last-minute instructions from landlords looking to evict their tenants and sell their properties because of the legislation

4 days ago
businessSee all
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Spirit Airlines says it has nearly finished refunding customers after shuttering

1 day ago
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Investment or waste? How the M4 relief road plan for Newport sums up Wales’s economic quandary

1 day ago
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Trump may not be a fan of clean energy but Iran war is accelerating global shift from oil and gas | Heather Stewart

1 day ago
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UK airlines given green light to cancel or consolidate flights to conserve jet fuel

1 day ago
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Dynamic pay on platforms such as Uber should be banned, says TUC

2 days ago
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Political blame game begins and passengers left adrift after Spirit ceases operations

2 days ago