GameStop investors clear the way for a fresh attempt to buy eBay
GameStop shareholders approved a measure that clears the way for a renewed attempt to acquire online marketplace eBay. The video-game retailer has been seeking ways to deploy the large cash pile it amassed during the meme-stock era. No deal has been finalised.
GameStop shareholders approved a provision that grants management greater flexibility, clearing the path for a possible bid to acquire eBay. The move is part of the video-game retailer's effort to reshape its growth strategy.
The company built up billions of dollars in cash through share sales during the meme-stock frenzy. Management has been looking for ways to deploy those funds beyond its traditional store business. eBay is a long-established player in the market for online second-hand goods and collectibles.
Analysts note that such a combination could shift GameStop from bricks-and-mortar retail toward online commerce. No formal offer has yet been made, however, and it remains uncertain whether any talks will result in a deal.
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