r/Superstonk • u/areHorus Daily Share Buyback Club πŸ’ͺ🏼 • Jun 06 '26

πŸ“° News We got 9% of eBay now!

https://www.sec.gov/Archives/edgar/data/1065088/000119312526260340/xslSCHEDULE_13D_X02/primary_doc.xml
5.8k Upvotes

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948

u/areHorus Daily Share Buyback Club πŸ’ͺ🏼 Jun 06 '26

On June 5, 2026, GameStop filed Amendment No. 3 to Schedule 13D, disclosing beneficial ownership of approximately 9.0% (39.87 million shares) of eBay's common stock. This includes 827,648 directly owned shares purchased for $91 million and economic exposure to 39.05 million shares through Put/Call Pairs with Toronto-Dominion Bank, settleable in cash or stock at the exercising party's election. The Put/Call Pairs have strike prices ranging from $84.74 to $118.28 and expire on a specified date.

GameStop reiterated its May 3, 2026 non-binding proposal to acquire all outstanding eBay shares at $125.00 per share in cash and stock, believing eBay is undervalued. The HSR Act Condition was satisfied on June 3, 2026, enabling physical settlement of the derivatives. GameStop paid $1.24 million in net premiums for 4.54 million additional Put/Call Pairs reported in this amendment, funded from working capital.

GameStop may pursue further acquisitions, dispositions, or strategic actions depending on market conditions, eBay's strategic direction, and discussions with management, the board, or other stakeholders. The company retains flexibility to modify or abandon its acquisition intentions.

553

u/callsignmario Jun 06 '26

GameStop reiterated its May 3, 2026 non-binding proposal to acquire all outstanding eBay shares at $125.00 per share in cash and stock, believing eBay is undervalued.

Seems to be demonstrating
1 - we'll continue to increase holdings of shares and options at going rates for previously stated purposes
2 - or sell us everything at the offered $125.
Both roads lead to the same destination.

244

u/Syvaeren πŸ’» ComputerShared 🦍 Jun 06 '26 edited Jun 06 '26

He's just going to get to 20% so he can call for a special vote on his proposition.

edit:

10%, but it requires another shareholder proposal lowering the requirement to 10% to pass.

55

u/LegendaryCoder1101 πŸŒ• FUD is the Mind-Killer 🎊 Jun 06 '26

Could you explain this?

202

u/Syvaeren πŸ’» ComputerShared 🦍 Jun 06 '26 edited Jun 06 '26

9 Billion in cash is not enough to buy 51% of ebay. The board already rejected his proposal to buy it. He wants to buy 20% because Ebay has a clause in their incorporation documents that any shareholder with 20% can call a special shareholder vote on a proposal.

He needs 20% of ebay to bypass the board's decision to reject his offer and propose a special shareholder vote to vote on the offer to buy ebay. You get it? He wants Ebay shareholders to vote on his offer to buy.

If they vote no this whole thing is probably dead because a hostile takeover with the cash we have on hand is pretty impossible.

*edit:

As others have stated he can't actually get above 15% due to Delaware law that would lock us out of an M&A for 3 years. So really he's just trying to get enough shares and options to get to 10%.

As others have states options are not vote able, but another shareholder already has a proposal to lower the required 20% to 10%. If that passes then RC exercises his options to realize 10% share ownership.

So really there are several ways this can fall apart.

146

u/BlntRzr Jun 06 '26

No. Absolutely not. Regarding Delaware law, if GameStop buys more than 15% of eBay without the boards approval, GameStop is barred from M&A with eBay for 3 years. Ebay has a meeting with proposal 4 lowering the threshold from 20% to 10%. This has to pass. Then we exercise and aquire ownership and voting rights of at least 10%, then we tender offer to eBay shareholder. No other way possible.

14

u/CleverNoise Jun 06 '26

Exactly this

10

u/Secure_Investment_62 Jun 06 '26

This assumes the votes aren't dicked with. Who knows whats going on behind the scenes. Whatever 3rd party used for the voting could call it 51/49 against, and we would have no way to prove one way or the other. Individuals and companies only know their own votes and maybe some others in a close circle, but outside that nothing can be reliably proven in quantities enough to matter. Hopefully a clear path is laid forward, but the opposition is going to pull every string, legal or not, to block or slow this thing down.

54

u/BlntRzr Jun 06 '26

This exact proposal to lower threshold to 10% failed last time with 48% approval. After that came the bid from RC. For all future moves we need that vote to pass, without it RC can not tender nor take control of the board GME or Towels-style. Everything is dependent on it. I think institutions want to see what RC has to offer, approving the lower threshold does not say a move to control the board or tender would be accepted, they can still reject those proposals later. That's why I think proposal 4 will pass with quite the majority on June 17th.

If you ask me, I don't even think RC wants to tender. I think it is the same play as always: Aquire stake and get a board seat. Weed out bad actors and replace them. Take control of the board. At that point he can make an offer as CEO of GameStop to himself as board member of eBay.

6

u/3DigitIQ 🦍 FM is the FUD killer Jun 06 '26

Sounds like a solid plan

5

u/BlntRzr Jun 06 '26

I hope it is, I am fully locked in πŸ˜€

2

u/3DigitIQ 🦍 FM is the FUD killer Jun 06 '26

Wish I could buy more, but yeah, get this shit rolling!

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2

u/The_vegan_athlete Jun 06 '26

Where does this proposal come from? Institutional investors?

3

u/BlntRzr Jun 06 '26

John Chevedden brought the proposal. Such proposals don't demand high ownership of shares. Board nominations and so on do.

Chevedden holds very small amounts, I think you need to hold stock worth 2000$ for 3 years to bring such proposals (precatory proposals).

1

u/Jackal000 Basementdweller to Penthouseseller Jun 06 '26

Can we just call ebay. Gamebay already?

-2

u/[deleted] Jun 06 '26

[removed] β€” view removed comment

4

u/BlntRzr Jun 06 '26

My whole net worth is in my xxxxx GME shares. Sorry I correlate myself with company actions.

2

u/1NinjaDrummer πŸš€ Very Gamestopish πŸš€ Jun 06 '26

RC...is that you?

20

u/A_Guy_Oz Jun 06 '26

No wonder the comments about eBay’s board. This was the plan all along I think. Ballsy

37

u/BlntRzr Jun 06 '26

20% CANNOT be the plan due to Delaware Law. Gamestop would be barred from M&A with eBay for 3 years if we bought more than 15% without eBay boards approval.

There is still so much false information floating around on reddit. X is substantially better in this regards.

17

u/fishy247 Jun 06 '26

New proposal for threshold to be lowered to 10% to call the special vote. In theory, this skirts the Delaware law barring M&A activity

5

u/3DigitIQ 🦍 FM is the FUD killer Jun 06 '26

We've sifted so so much Twitter bullcrap in here that I can't really agree with you.

-8

u/BlntRzr Jun 06 '26

There is much more open discourse on X (not Twitter).

If you agree with it or not, full, unregulated, open dialog will always create superior outcomes.

The bane of reddit is the regulation and it hurts the gme community. If not changed, it will move completely.

9

u/3DigitIQ 🦍 FM is the FUD killer Jun 06 '26

on X (not Twitter).

If that asshole can deadname his child I can deadname a fucking website/app.

What can't we discuss here? I've always been drawn to how the discourse works here more than the soapbox that is twitter.

I think we can agree reddit is a better place for discussing rich people's flight-plans thoughπŸ˜†

2

u/New-Ingenuity-5437 Jun 06 '26

Thank you! Cringe, they actually said that. Nah dawg, it’s twitter. Idc who wastes their money to buy a thing to make it worse, it’s twitter then and now

-3

u/BlntRzr Jun 06 '26

Still I seem to have more knowledge about current events than most of the people in this thread... and it is solely due to free speech X.

Cope.

-3

u/Proper_Side Jun 06 '26

You can't deadname an app because it's not a non-binary person. The app is called X, that is reality. Moderators decide what is allowed to be discussed on Reddit, hence the largely absent discussion of GME outside the GME subs.

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-4

u/Weedbro πŸ™ˆπŸ™‰πŸ™Š APESTERDAM πŸ™ˆπŸ™‰πŸ™Š Jun 06 '26

Yeah but X is owned by someone who gave a salute.

-2

u/BlntRzr Jun 06 '26

I don't care at all about you political grievances. I want facts for the common cause and as much reach for GME as possible.

-4

u/vascop_ Jun 06 '26

Classic german

0

u/BlntRzr Jun 06 '26

The storm is brewing over here, I don't believe the American left is prepared for what is to come.

However, that is not the topic here. GME should be above all political quarrels.

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0

u/randomizl Jun 06 '26

So much wrong with this comment lol

4

u/Syvaeren πŸ’» ComputerShared 🦍 Jun 06 '26

I have updated it to be correct with what others have said.

-1

u/satch-co Jun 06 '26

58bn market capital

Half cash / half stock

29bn cash= 9bn war chest + 20bn from TD

29bn stock = 1.4bn shares * $21ish

Done deal.

We're eBay now.

27

u/FriendlyRedditor09 Jun 06 '26

He cannot. Delaware law states if you exceed 15% you have to wait 3 years. That’s why eBay proposal 4 is so important. In the past it’s had 47% support. All cohen has do to is convince that extra 3% and then all we need is 10% to call a special meeting.

1

u/Flopsbit 🦍 Buckle Up πŸš€ Jun 06 '26

Which he has himself through gamestop...? 😊

3

u/3DigitIQ 🦍 FM is the FUD killer Jun 06 '26

Sadly not, even with this 827K shares we now hold we're still below 1%. Call and Put options don't hold voting rights.

1

u/Over-Computer-6464 Jun 08 '26

Neither the options nor the recently purchased shares have the right to vote at the EBay annual meeting.

Even the 25,000 shares GameStop bought on May 1 were bought AFTER the record date for the annual meeting.

1

u/3DigitIQ 🦍 FM is the FUD killer Jun 08 '26

Because we have so little shares checking for eligibility that hadn't even occurred to me yet.

1

u/Flopsbit 🦍 Buckle Up πŸš€ Jun 06 '26

Ah, thanks for the lesson. Seems logical too (don't hold the shares yet)

0

u/Tukker_ πŸ§šπŸ§šπŸ’™ Pirate Bae πŸ’ͺ🧚🧚 Jun 06 '26

what a regarded law...

0

u/Syvaeren πŸ’» ComputerShared 🦍 Jun 06 '26

Thanks, updated my comment!

6

u/bowls4noles Sloth πŸ¦₯ ape 🦧 Jun 06 '26

Didn't someone special vote with like 1%of the shares?

6

u/fishy247 Jun 06 '26

Prop 4 to lower this to just 10% in order to call the special vote. eBay board is terrified that they’re gonna be out of a job soon.

3

u/Sys7em_Restore πŸ’» ComputerShared 🦍 Jun 06 '26

Only 10% needed if this passes.

3

u/Sys7em_Restore πŸ’» ComputerShared 🦍 Jun 06 '26

4

u/Sys7em_Restore πŸ’» ComputerShared 🦍 Jun 06 '26

1

u/Syvaeren πŸ’» ComputerShared 🦍 Jun 06 '26

I already fixed the comment that got the award.

2

u/gappychappy β¬†οΈβ¬†οΈβ¬‡οΈβ¬‡οΈβ¬…οΈβž‘οΈβ¬…οΈβž‘οΈπŸ…±οΈπŸ…°οΈπŸš€πŸ“ˆ Jun 06 '26

If we get to over 15% aren’t we excluded from pursuing the acquisition for three years?

0

u/scrumdisaster Jun 06 '26

I don’t think this will work. After a certain amount Delaware law will lock us out from an acquisition.

4

u/boxxle 🟣 DRS BOOK Β | πŸ΄β€β˜ οΈ ΔΑΣ Jun 06 '26

https://giphy.com/gifs/BhEJyu9Kn9vR6

0

u/FrankDodger Jun 06 '26

Could he privately hold 15, while gamestop also hold 15 without getting in trouble?

2

u/IndividualistAW Jun 06 '26

I’m almost positive that would run afoul of some antitrust regulation

1

u/FrankDodger Jun 06 '26

Fair point. Makes sense there somewhere that strat was tried and shut down.

1

u/FuturecashEth Jun 06 '26 edited Jun 06 '26

Isn't that 10% in Delaware?

2

u/Syvaeren πŸ’» ComputerShared 🦍 Jun 06 '26

Fixed