eBay Vote Blocks 10% Meeting Threshold, Derails $125 Bid
GME•eBay shareholders rejected lowering the special meeting threshold from 20% to 10%, voting roughly 210 million against and 157 million for, closing one of Ryan Cohen’s governance paths. The vote halts GameStop’s $125-per-share bid valuing eBay at $56 billion and shifts focus to a possible hostile tender offer.
1. Proposal 4 Vote Outcome
eBay shareholders cast approximately 210 million votes against and 157 million votes for Proposal 4, which would have lowered the special meeting threshold from 20% to 10%. The decisive rejection closes a key governance path for Ryan Cohen’s influence.
2. Impact on Corporate Control
With the 10% threshold blocked, Cohen’s near 9% stake no longer grants unilateral power to call a special meeting, limiting his ability to force strategic changes or negotiate directly with eBay management.
3. Acquisition Bid Status
Earlier this year, GameStop offered $125 per share—a 46% premium—to acquire eBay at a $56 billion valuation using a mix of cash and stock. eBay’s board rejected the offer as neither credible nor attractive and declined negotiations.
4. Hostile Tender Offer Possibility
Attention now turns to a potential hostile tender offer that would bypass the board and take Cohen’s acquisition proposal directly to eBay shareholders, testing their support independent of management.
