"Cohen stated, 'It's on our website. It's half cash, half stock,' but struggled to provide further clarity on the funding during the interview."
"Sorkin noted that even with the financing letter from TD Securities, the numbers appeared to fall short, estimating a gap of roughly $16 to $20 billion."
"'I'm just saying that that math doesn't get you to the price that you're offering,' Sorkin pressed, highlighting the inconsistencies in Cohen's explanation."
GameStop proposed a $55.5 billion acquisition of eBay, offering $125 per share, split between cash and stock. CEO Ryan Cohen faced scrutiny during a CNBC interview regarding the funding, given GameStop's market cap of $11.9 billion and $9.4 billion in cash. Cohen mentioned a 'highly confident' letter from TD Securities for $20 billion in financing, but the figures raised doubts. Despite repeated assertions of the funding structure, Cohen could not clarify the financial gap, leading to confusion among the interviewers.
Read at www.businessinsider.com
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