GameStop adds eBay to cart
5/4/20266 min
eBay (EBAY) rallies as GameStop (GME) launches bold $56B takeover attempt. (00:14) Spirit Airlines (FLYYQ) nears completion of passenger refunds after weekend shutdown. (01:22) A2 Milk (ACOPF) recalls U.S. infant formula batches after toxin detection. (02:49)
Episode transcripts seekingalpha.com/wsb.
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Transcript preview
First 90 secondsJulie Morgan· Host0:00
[instrumental music] Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. It's good to start the week with you. Today is Monday, May 4th. I'm Julie Morgan. GameStop has submitted a non-binding proposal to acquire 100% of eBay at $125 per share in cash and stock. GameStop, valued at nearly $12 billion, said Sunday it has built a 5% economic stake in eBay through derivatives and direct ownership of common shares. eBay's market cap stands at about $46 billion. The offer represents a 46% premium to eBay's closing price on February 4th, which was the day GameStop started accumulating its position in eBay. The proposed offer of $125 per share is comprised of 50% cash and 50% GameStop common stock. The cash consideration is expected to be funded from a combination of cash and liquid investments on GameStop's balance sheet, which totaled $9.4 billion as of January 31st of this year. In addition to third-party acquisition financing in which GameStop has received a highly confident letter from TD Securities for up to $20 billion. One topic that you haven't been able to get away from this weekend because it has been consistently trending is Spirit Airlines. A government