eBay has rejected GameStop's $56 billion acquisition bid after concluding that the proposal is neither credible nor attractive. The board cited eBay's strong standalone prospects and expressed confidence in its current management to deliver sustainable growth and shareholder value.
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GameStop now owns 9.8 percent of eBay as CEO Ryan Cohen pursues a hostile takeover, stating his plan is to cut costs, maximize shareholder value, and compete with Amazon. The move raises questions about execution and further erodes GameStop's identity as a gaming retailer.
GameStop has withdrawn Ryan Cohen's potential $35 billion performance bonus so the CEO can concentrate on acquiring eBay. The decision follows eBay's swift rejection of a $55 billion bid in May and precedes the planned release of additional strategic materials this week.
Advanced Micro Devices plans to buy World Labs for roughly US$8.2 billion using stock only. This acquisition provides access to 3D modeling technology meant to inform the development of new hardware, software, and systems.
SpaceX has completed its $60 billion acquisition of AI coding startup Cursor, granting the company access to the world's largest GPU fleet for lower-cost model development. The deal, which began with an April partnership and follows SpaceX's merger with xAI, has already produced Grok 4.5 and 4.6 focused on coding and real-world tasks.
Ecolab agreed to purchase CoolIT Systems from KKR for about $4.75 billion in cash to expand its offerings in AI data center liquid cooling. The business is forecast to add approximately $550 million in sales over the next year and become accretive to earnings by 2028.
