u/DoubleDawgDareYa

Still nothing from Schwab.

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The eBay Board has officially blinked. By rejecting the $125/share proposal on May 12, they’ve forced Ryan Cohen’s hand. In a leaked email to eBay Chair Paul Pressler today, May 14, 2026, RC called out the board for presiding over five years of net user decline and failing to even meet for a discussion.

As discussed by Uncle Bruce and analyzed across the terminal, we are no longer in "friendly merger" territory. We are officially in Hostile Takeover season.

1. The Opening Salvo: Filing the Schedule TO

To initiate the formal Tender Offer, GameStop (GME) must file a Schedule TO with the SEC.

Direct-to-Consumer (Shareholder): This bypasses the eBay Board entirely. It is a formal invitation to every eBay shareholder to "tender" their shares for the offer price.

The Price: $125.00 per share.

The Split: As confirmed in RC's May 6 interview, this is a mixed-consideration offer:

$62.50 Cash (Backed by the $20B TD Securities "Highly Confident" letter).

$62.50 GME Stock (Exchange Offer).

2. The "Exchange Offer" Mechanics (S-4 Filing)

Because this deal involves issuing new GME shares to eBay holders, GME must also file an S-4 Registration Statement.

The Ratio: This will define exactly how many GME shares equal $62.50.

The "GBay" Entity: This filing will outline the governance of the combined entity. Current estimates suggest eBay shareholders will own ~65-70% of the new company, while RC and GME leadership take the wheel.

3. The 14D-9: The Board’s Counter-Move

Within 10 business days of GME’s TO filing, eBay’s board must file a Schedule 14D-9.

The Stance: They’ve already labeled the bid "neither credible nor attractive." Expect them to double down on "operational risks" and "governance concerns."

The Weakness: As noted in recent reports, the board owns a combined 0.67% of eBay. They are fighting for their seats, not the shareholders' value.

4. The Math to 50.001% (The "Kill Shot")

GameStop doesn't need 100% to win. They need a simple majority to replace the board.

Current Stake: GME already holds 5% (disclosed in the May 4 Schedule 13D).

The Gap: They need 45.001% more.

The Strategy: Direct appeal to the institutional whales (Vanguard/BlackRock) who are watching eBay trade at $113 (roughly 41% overvalued by GF Value standards) while being offered a 46% premium over the February unaffected price.

5. Synergies: The 1,600 Hub Strategy

The "Bull Case" for the tender:

Authentication Centers: Every GameStop store becomes a drop-off point for high-value eBay collectibles (graded cards, watches, sneakers).

Overhead Slash: RC’s email highlighted eBay CEO Jamie Iannone’s $144M compensation while active users declined. RC’s $0 salary model would likely involve a $2B reduction in bloated management overhead.

References & Sources

SEC Filing Requirement: 17 CFR § 240.14d-1 (Tender Offer Regulations)

The Offer Details: Ryan Cohen Squawk Box Interview (May 6, 2026).

Latest Hostile Update: Financial Times/Retail Insight Network Report (May 14, 2026).

Market Analysis: Stock Markets with Uncle Bruce (Broadcast May 12, 2026).

AI Disclosure

Notice: This post was drafted with the assistance of an AI collaborator. Data points regarding stock prices ($125 offer, $113 current trading), filing types (Schedule TO, 14D-9), and specific interview dates (May 6/May 14) are based on the current 2026 merger saga events. This is for educational and entertainment purposes and is not financial advice. 🚀

TL;DR: RC is going around the board. The Schedule TO is the "Next Likely Step." We are watching the birth of a retail/e-commerce monster. 🧱 by 🧱.

DRS. HODL. SHOP. 🟣

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The WSJ report from earlier today (May 1st) has confirmed what many have suspected: RC is playing for keeps. With a $35B performance package on the line if we hit a $100B market cap, he isn't looking for incremental growth—he’s looking for a total transformation.

​Here is the strategic breakdown of how we get GMEBAY, whether management likes it or not.

​Plan A: The "Gilded Handshake" (Friendly Merger)

​In this scenario, RC approaches the eBay board not as an adversary, but as the key to their survival.

​The Physical Advantage: eBay has a massive trust problem with high-value items. GameStop has \~3,000 physical storefronts. By integrating, every GameStop becomes an Official eBay Authentication & Safe-Exchange Hub. You buy a $5,000 Charizard or a Rolex on eBay; you pick it up at GME. Trust = Volume = Moon.

​The War Chest: Use the $9 billion cash pile to fund a massive technology overhaul of eBay’s aging platform, integrating it with the PowerUp Pro rewards system.

​The Pitch: "We give you the retail footprint and the most loyal customer base on earth; you give us the e-commerce scale."

​Plan B: The "Wolf Pack" (Multi-Entity Hostile Takeover)

​If eBay management chooses "scorched earth," RC triggers the fallback plan. He doesn't go it alone.

​The Trio of Power: Rumors are swirling about a coordinated "toehold" stake. Imagine RC (The Meme Father) + Carl Icahn (The Proxy King) + Sultan Almaadeed (The Deep Pockets).

​The Math: GME ($12B) is the David to eBay’s ($46B) Goliath. But with an Icahn-led proxy fight and backing from a massive sovereign or private fund, they can outlast any "poison pill" the board tries to swallow.

​Apes Unite: If it goes to a shareholder vote, RC bypasses the board entirely. He appeals to the retail army and eBay’s own frustrated institutional investors. He doesn't need the board's permission if he has the votes.

​Why this works:

​Management might be "sleepy," but the shareholders aren't. eBay’s stock jumped 14% after-hours today just on the rumor of RC’s interest. The market is screaming for this.

​Whether it's a friendly handshake or a boardroom brawl, the destination is the same: GMEBAY. TL;DR: RC has the cash, he has the stake, and he might have the "Wolf Pack" backing him. The $100B market cap isn't a meme—it's a roadmap. 💎🙌

​What do you think? Is the board going to see the 14% jump and take the deal, or are we heading for a historic proxy war where the "Wolf Pack" cleans house?