Cloud Stop raises eBay stake to 9.8%

GameStop has increased its stake in eBay to 9.8%, equivalent to 43.4 million shares, in a move that underscores its continued intention to acquire the company despite its rejection of the unsolicited offers. Previously, GameStop announced its desire to acquire eBay at an estimated value of around $56 billion, and has been working to convert its derivatives holdings into common shares by purchasing millions of shares and settling options contracts. Despite eBay's rejection of the offer, GameStop remains determined to complete the deal, criticizing the company's stance and seeking to create greater competition for Amazon by merging with eBay. The plan includes significant investment and backing from investors, even as Wall Street worries about funding and credit ratings.

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