GameStop offers $56 billion for eBay, struggles to explain how it’ll pay for it

GameStop 出价 560 亿美元收购 eBay，却难以解释资金来源

GameStop yesterday made an unsolicited offer to buy eBay for $55.5 billion. GameStop claims that eBay has underperformed and spends too much on sales and marketing and argues that it would become a stronger company if it cuts costs and is combined with GameStop’s physical retail locations.

GameStop 昨日向 eBay 发出了一份未经请求的收购要约，拟以 555 亿美元收购后者。GameStop 声称 eBay 表现不佳且在销售和营销上投入过多，并认为如果 eBay 能削减成本并与 GameStop 的实体零售店相结合，将成为一家更强大的公司。

“GameStop’s ~1,600 US locations give eBay a national network for authentication, intake, fulfillment, and live commerce,” GameStop Chairman and CEO Ryan Cohen wrote in a letter to eBay Chairman Paul Pressler. eBay’s market capitalization is over four times larger than GameStop’s. GameStop faces skepticism about the viability of its offer but says it will obtain debt financing and pay with a mix of cash and stock.

“GameStop 在美国的约 1,600 家门店为 eBay 提供了一个全国性的网络，用于鉴定、收货、履约和直播电商，”GameStop 董事长兼首席执行官 Ryan Cohen 在致 eBay 董事长 Paul Pressler 的信中写道。eBay 的市值是 GameStop 的四倍多。尽管外界对该收购要约的可行性持怀疑态度，但 GameStop 表示将通过债务融资，并以现金加股票的方式支付。

GameStop’s proposal envisions a system in which GameStop staff inspect and verify items to be listed on eBay. “GameStop staff already inspect and grade hardware and trading cards every day. Sellers walk in, items are verified on the spot, and listings carry a trust badge,” the proposal said. The stores will “serve as drop-off and shipping nodes,” providing “a national fulfillment network without incremental eBay capital expenditure,” GameStop said.

GameStop 的提案设想了一个系统，即由 GameStop 员工检查并验证在 eBay 上架的商品。“GameStop 员工每天都在检查和评估硬件及交易卡。卖家走进店里，商品当场验证，上架商品将带有信任徽章，”提案中写道。GameStop 表示，这些门店将“作为投递和运输节点”，提供“一个无需 eBay 增加资本支出的全国性履约网络”。

The stores, according to GameStop’s plan, will “double as broadcasting studios. eBay supplies the inventory and the buyer base; GameStop supplies the physical footprint to compete in the live-commerce category.” This would apparently help eBay sellers use livestreaming to promote their products. Cohen intends to become CEO of the post-merger company if eBay accepts the deal and completes it. A GameStop press release said that Cohen “owns ~9% of GameStop and receives no salary, no cash bonuses, and no golden parachute. He will be compensated solely based on the performance of the combined company.”

根据 GameStop 的计划，这些门店还将“兼作广播工作室。eBay 提供库存和买家基础；GameStop 提供实体店面以在直播电商领域竞争。”这显然有助于 eBay 卖家利用直播推广产品。如果 eBay 接受并完成这笔交易，Cohen 打算担任合并后公司的首席执行官。GameStop 的新闻稿称，Cohen “持有 GameStop 约 9% 的股份，不领取工资、现金奖金，也没有黄金降落伞（离职补偿）。他的报酬将完全取决于合并后公司的业绩。”

Doubts about GameStop’s ability to finance deal

对 GameStop 融资能力的质疑

GameStop is still chugging along five years after its meme-stock mania, though it reportedly closed about 470 stores in the US at the beginning of 2026. It also closed 590 US-based stores in 2024. As of this writing, GameStop’s stock price had fallen about 2 percent today, while eBay’s had risen about 5 percent. Unsurprisingly, GameStop faces skepticism about its ability to finance a deal to buy a much larger company.

在“迷因股”狂潮过去五年后，GameStop 仍在艰难前行，尽管据报道其在 2026 年初关闭了美国约 470 家门店。它在 2024 年还关闭了 590 家美国门店。截至本文撰写时，GameStop 的股价今日下跌了约 2%，而 eBay 的股价上涨了约 5%。不出所料，GameStop 收购一家规模远大于自己的公司，其融资能力受到了外界的质疑。

GameStop has a market capitalization of about $11 billion, while eBay is worth about $48 billion. GameStop’s offer for eBay is $125 per share, half in cash and half in GameStop stock. Cohen said GameStop had about $9.4 billion in cash and liquid investments as of January 31 and will fund the cash portion of the offer with “cash and liquid investments on GameStop’s balance sheet and third-party equity and debt financing.” Cohen’s letter said GameStop has “a highly-confident letter from TD Securities for up to $20 billion,” indicating that TD is confident it can arrange financing but that the debt portion of GameStop’s offer is not yet finalized.

GameStop 的市值约为 110 亿美元，而 eBay 的市值约为 480 亿美元。GameStop 对 eBay 的报价为每股 125 美元，一半以现金支付，一半以 GameStop 股票支付。Cohen 表示，截至 1 月 31 日，GameStop 拥有约 94 亿美元的现金和流动投资，并将通过“GameStop 资产负债表上的现金和流动投资以及第三方股权和债务融资”来支付报价中的现金部分。Cohen 的信中提到，GameStop 拥有“来自道明证券（TD Securities）高达 200 亿美元的高度信心函”，这表明道明证券有信心安排融资，但 GameStop 报价中的债务部分尚未最终确定。

Cohen took questions about the financing on CNBC’s Squawk Box today, but co-anchor Andrew Ross Sorkin said the deal math doesn’t make sense. Sorkin noted that GameStop’s market capitalization, cash, investments, and potential financing from TD add up to $40 billion, leaving a gap of $16 billion to complete the $56 billion deal. “We’ll see what happens,” Cohen responded. Sorkin followed up by asking where the rest of the money comes from. Cohen answered, “it’s half cash, half stock.” Sorkin tried again, saying, “that math doesn’t get you to the price that you’re offering.” Cohen responded, “I don’t understand your question. We’re offering half cash, half stock, and we have the ability to issue stock in order to get the deal done.”

Cohen 今日在 CNBC 的《Squawk Box》节目中回答了有关融资的问题，但联合主持人 Andrew Ross Sorkin 表示这笔交易的账算不通。Sorkin 指出，GameStop 的市值、现金、投资以及来自道明证券的潜在融资总额为 400 亿美元，距离完成 560 亿美元的交易还有 160 亿美元的缺口。“我们走着瞧，”Cohen 回应道。Sorkin 追问剩下的钱从哪里来。Cohen 回答说：“是一半现金，一半股票。”Sorkin 再次尝试说：“这个算式达不到你提出的价格。”Cohen 回应道：“我不明白你的问题。我们提供的是一半现金、一半股票，我们有能力发行股票来完成这笔交易。”

CNBC hosts also asked Cohen for evidence that he can grow a consumer business that can rival Amazon, given that GameStop revenue has declined sharply the past few years. GameStop’s net sales were $3.6 billion in fiscal year 2025, compared to $6 billion in 2021. “Didn’t you guys call for GameStop’s demise multiple times? Like, it should have been bankrupt by now?” Cohen said. “Look at our financial performance. Is it better than you guys anticipated? Because you guys said it was going to be doing really, really poorly, and it’s actually doing okay.”

CNBC 的主持人们还要求 Cohen 提供证据，证明他能发展出一项足以与亚马逊抗衡的消费业务，毕竟 GameStop 的营收在过去几年里急剧下滑。GameStop 2025 财年的净销售额为 36 亿美元，而 2021 年为 60 亿美元。“你们不是多次预言 GameStop 会倒闭吗？比如，它现在应该已经破产了？”Cohen 说道。“看看我们的财务表现。是不是比你们预期的要好？因为你们说它会表现得非常非常差，但实际上它还过得去。”

“Fundamentally different” business models

“根本不同”的商业模式

Describing his ambitions, Cohen said that “eBay has the second largest commerce franchise and there’s a big opportunity to do something much larger and pull costs out of the system as well as accelerate revenue growth and leveraging our physical infrastructure, our focus on collectibles. It could be a much larger business, but bringing in an entrepreneurial mindset is what I plan on doing.”

在描述自己的雄心时，Cohen 表示：“eBay 拥有第二大商业特许经营权，这里有巨大的机会去做更大的事情，从系统中削减成本，加速收入增长，并利用我们的实体基础设施和对收藏品的关注。它可以成为一家规模大得多的企业，而我计划做的就是引入一种创业心态。”

At another point, Cohen said that GameStop is in a “very difficult business” and “should have been bankrupt multiple times over, and it’s doing okay, it’s making a few bucks. eBay is in a very, very strong position but it could be in a much stronger position.”

在另一处，Cohen 表示 GameStop 处于一个“非常困难的行业”，“本应多次破产，但它现在还过得去，还能赚点钱。eBay 处于一个非常、非常强大的地位，但它本可以处于更强大的地位。”

GameStop’s press release said its $125-per-share offer amounts to a 46 percent premium over eBay’s closing price on February 4, the day GameStop started accumulating a stake in the company. GameStop’s current stake in eBay is 5 percent. eBay confirmed that it received the offer in a press release today and said that “eBay had no discussions with or outreach from GameStop prior to receiving the proposal.” eBay said its board “will review this proposal with a focus on the value to be delivered to eBay shareholders, including the value of the GameStop stock consideration and the ability of GameStop to deliver a binding, actionable proposal.”

GameStop 的新闻稿称，其每股 125 美元的报价较 eBay 2 月 4 日（GameStop 开始增持该公司股份之日）的收盘价溢价 46%。GameStop 目前持有 eBay 5% 的股份。eBay 今日在新闻稿中证实收到了该要约，并表示“在收到提案之前，eBay 未与 GameStop 进行过任何讨论或接触。”eBay 表示其董事会“将审查该提案，重点关注将为 eBay 股东带来的价值，包括 GameStop 股票对价的价值，以及 GameStop 提供具有约束力、可执行提案的能力。”

Morgan Stanley analysts issued a research note saying that eBay and GameStop have “fundamentally different” business models. “eBay is a 3P [third-party] eCommerce marketplace that doesn’t take inventory risk while GameStop is primarily an in-store wholesaler,” stated the research note, which was provided to Ars.

摩根士丹利的分析师发布了一份研究报告，称 eBay 和 GameStop 拥有“根本不同”的商业模式。“eBay 是一个不承担库存风险的第三方（3P）电子商务市场，而 GameStop 主要是一家店内批发商，”该研究报告指出。