eBay stock dropped more than 4% to around $107 per share on Monday after Bloomberg reported that GameStop CEO Ryan Cohen is weighing a withdrawal of the retailer’s $56 billion takeover bid.
Cohen is now said to be exploring a partnership or joint venture with eBay rather than pushing ahead with a full acquisition.
The shift marks another twist in a deal saga that began in May, when eBay rejected GameStop’s unsolicited offer, calling it “neither credible nor attractive.”
⚡️JUST IN: GameStop is considering withdrawing its $56 billion takeover bid for eBay $EBAY and pursuing a partnership instead, per Bloomberg.
The deal could use GameStop’s 1,600 U.S. stores to expand both companies’ collectibles businesses. GameStop owns 9.75% of eBay and may… pic.twitter.com/Dw5Fyd5szP
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At the time, many analysts were skeptical. GameStop has a market cap of under $10 billion, meaning it was trying to buy a company worth nearly six times its own size. The financing plan, which leaned on debt and stock issuance, drew further doubt.
Despite the rejection, GameStop kept pushing. In July, the company disclosed it had raised its stake in eBay to 9.8%, making it one of eBay’s largest shareholders. Cohen said publicly he would pursue a deal “one way or another.”
Under the revised proposal being considered, eBay would gain access to GameStop’s network of roughly 1,600 U.S. retail locations.
The focus would be on higher-margin product categories, particularly trading cards and collectibles, areas where both companies have been trying to grow.
As part of any agreement, GameStop would also push for seats on eBay’s board of directors, according to Bloomberg.
The two companies operate very differently. eBay runs an online marketplace, earning fees by connecting buyers and sellers. GameStop is a brick-and-mortar retailer that buys and resells inventory through its stores.
eBay stock was down around 2.2% in early trading, later sliding past 4% as the session continued.
GameStop stock moved in the opposite direction, rising around 1.6%.
Bloomberg cited people familiar with the matter for its report. Neither GameStop nor eBay responded to Reuters’ requests for comment, and Reuters was unable to independently verify the report.
GameStop has not made a final decision, and Cohen could still pursue other routes, according to Bloomberg.
As of Monday, eBay carries a market cap of more than $48 billion.
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