GameStop makes $55.5B takeover offer for eBay
GameStop makes $55.5B takeover offer for eBay
GameStop 提出 555 亿美元收购 eBay
Video game retailer GameStop has made a surprise $55.5bn (£40.9bn) offer to buy e-commerce giant eBay. 电子游戏零售商 GameStop 突然提出以 555 亿美元（约合 409 亿英镑）的价格收购电子商务巨头 eBay。
The cash and stock offer values eBay at $125 a share, $20 more than the company’s value when trading ended in New York on Friday. 这份现金加股票的收购要约对 eBay 的估值为每股 125 美元，比该股周五在纽约收盘时的价格高出 20 美元。
GameStop’s chief executive, Ryan Cohen, said eBay could be much more successful under his leadership and even rival Amazon. He also said he was prepared to take his bid directly to shareholders if eBay’s board rejected it. eBay said it will consider the proposal but analysts expressed doubts about the idea. GameStop 首席执行官 Ryan Cohen 表示，在自己的领导下，eBay 可以取得更大的成功，甚至能与亚马逊抗衡。他还表示，如果 eBay 董事会拒绝该提议，他准备直接向股东提出收购要约。eBay 表示将考虑该提议，但分析师对这一想法表示怀疑。
Morgan Stanley said the two companies had “fundamentally different” business models, while Bernstein pointed to GameStop’s smaller balance sheet, saying it would be “surprised if anything became of it”. 摩根士丹利（Morgan Stanley）指出，两家公司的商业模式“根本不同”；而伯恩斯坦（Bernstein）则指出了 GameStop 资产负债表规模较小的问题，称如果这笔交易最终达成，他们会感到“非常惊讶”。
GameStop rose to prominence during the Covid-19 pandemic when it became the centre of the so-called meme stock craze. This saw retail investors buy up shares in unloved companies that professional investors had bet against, causing their share price to rise and fall sharply. GameStop 在新冠疫情期间声名鹊起，当时它成为了所谓的“迷因股”（meme stock）狂潮的中心。这使得散户投资者纷纷买入那些被专业投资者做空的冷门公司股票，导致其股价剧烈波动。
The chain still has around 1,600 outlets in the US and has seen something of a turnaround under Cohen. Its net profit rose to $418.4m in 2025 - up from $131.3m the previous year - although sales fell. 该连锁店目前在美国仍拥有约 1,600 家门店，在 Cohen 的领导下实现了一定程度的扭亏为盈。尽管销售额有所下降，但其 2025 年的净利润从前一年的 1.313 亿美元增长至 4.184 亿美元。
eBay, which is worth about four times more than GameStop, was launched in 1995 as a marketplace for hobbyists and became one of tech’s best-known brands. But its user base has shrunk amid competition from the likes of Amazon. It currently has 136 million users worldwide, down from 175 million in 2018. eBay 的市值约为 GameStop 的四倍，于 1995 年作为爱好者的交易平台推出，并成为科技界最知名的品牌之一。但在亚马逊等竞争对手的冲击下，其用户群不断萎缩。目前其全球用户数为 1.36 亿，低于 2018 年的 1.75 亿。
“eBay should be worth - and will be worth - a lot more money,” Cohen told the Wall Street Journal. “It could be a legit competitor to Amazon,” he added. Under the proposed deal to buy eBay, Cohen would become the chief executive of the new firm and receive no salary or bonuses, being “compensated solely based on the performance of the combined company”. “eBay 本应——也将会——值更多的钱，”Cohen 在接受《华尔街日报》采访时表示，“它完全可以成为亚马逊的合法竞争对手。”根据拟议的收购协议，Cohen 将担任新公司的首席执行官，且不领取任何薪水或奖金，其“报酬将完全基于合并后公司的业绩”。
GameStop, which currently has a stock market valuation of around $11.9bn, said it has a commitment letter from TD Securities to provide around $20bn in debt to help finance the takeover. 目前市值约为 119 亿美元的 GameStop 表示，已获得道明证券（TD Securities）的承诺函，将提供约 200 亿美元的债务融资以支持此次收购。
Cohen said he planned to cut costs at eBay by $2bn within a year of a deal being completed. This would mainly fall across eBay’s sales and marketing division, which GameStop said had failed to attract more users to a “marketplace with near-universal brand recognition”. Cohen 表示，他计划在交易完成后的一年内将 eBay 的成本削减 20 亿美元。这主要涉及 eBay 的销售和营销部门，GameStop 称该部门未能为这个“拥有近乎全球品牌知名度的市场”吸引更多用户。
The proposal does not sound like a “terribly good offer” as it would saddle eBay with GameStop’s debt, said Sucharita Kodali, a retail analyst at research firm Forrester. It makes sense for GameStop because it could lift its valuation by being linked with a larger company like eBay, she told the BBC. “The truth is, we are not necessarily putting two strong companies together,” Kodali added. 研究公司 Forrester 的零售分析师 Sucharita Kodali 表示，该提议听起来并不是一个“非常好的报价”，因为它会使 eBay 背负 GameStop 的债务。她告诉 BBC，这对 GameStop 来说是有意义的，因为通过与 eBay 这样的大公司挂钩，可以提升其自身估值。“事实是，我们并不一定是在将两家强大的公司强强联合，”Kodali 补充道。
Shares in eBay rose by 5% on Monday in New York, while GameStop fell by more than 9%. 周一在纽约，eBay 股价上涨了 5%，而 GameStop 股价下跌了超过 9%。
GameStop’s shops would give eBay a national network for its “live commerce” and other business operations, Cohen said. Cohen, who became the GameStop boss in 2023, has criticised its slow shift into e-commerce. Cohen 表示，GameStop 的门店将为 eBay 的“直播电商”和其他业务运营提供一个全国性的网络。于 2023 年成为 GameStop 掌门人的 Cohen 此前曾批评该公司向电子商务转型的速度过于缓慢。