Overview
- CNBC reported that the TD Securities letter for up to $20 billion in financing requires the combined GameStop–eBay to keep an investment‑grade rating.
- That requirement clashes with Moody's view that the proposal is credit negative, with leverage for the merged company nearing nine times EBITDA before any savings.
- GameStop offered $125 per share in a roughly $56 billion deal split between cash and new GameStop stock, with cash drawn from about $9–9.4 billion plus the TD package.
- EBay confirmed it is reviewing the unsolicited proposal, while analysts at Wedbush, Morgan Stanley, and Bernstein flagged low odds of the deal closing.
- Cohen listed memorabilia on eBay on Wednesday in a publicity push that legal scholars say will not materially fund the takeover.