GameStop stock falls after company proposes $56 billion deal for eBay

What happened: GameStop banal fell astir 3% pre-market Monday.

What’s down the move: GameStop projected to buy online marketplace eBay (EBAY) for astir $56 cardinal successful currency and stock.

The video crippled retailer, which is astir 4 times smaller than eBay, offered $125 per stock successful currency and banal for the iconic maketplace site, oregon astir a 20% premium to Friday’s close. Shares of eBay jumped 8% connected Monday morning.

What other you request to know:

GameStop has already built a astir 5% involvement successful eBay.

The institution has made a bid of moves to reinvent itself implicit the years since activistic capitalist Ryan Cohen took helm of the struggling video crippled retail business.

Cohen was appointed CEO successful September 2023 aft serving arsenic enforcement president since 2021.

GameStop has pivoted toward e-commerce and crypto successful caller years, launching an NFT wallet and taking a involvement successful bitcoin (BTC-USD).

The banal has seen renewed periods of meme-frenzy since it became the poster kid of retail investors much than 5 years ago.

Year-to-date the banal is up 32%, but its show implicit the past 5 years has lagged much than 30%.

Ines Ferre is simply a elder concern newsman for Yahoo Finance. Follow her connected X astatine @ines_ferre.

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