CEO Ryan Cohen adds $26.4 million in GameStop shares to his holdings as the company shifts focus from a failed $55.5 billion eBay takeover bid toward a potential retail partnership.
GameStop CEO Ryan Cohen increased his stake in the retailer by purchasing 1.15 million shares for $26.4 million. This move follows a rejected $55.5 billion acquisition bid for eBay, as the company now pivots toward a potential strategic partnership to leverage its 1,600 physical store locations.
eBay's board deemed the $55.5 billion non-binding proposal as neither credible nor attractive.
After a failed takeover bid, GameStop is now considering a partnership or joint venture to provide eBay with a physical retail presence.