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Michael Burry Exits All Stake in GameStop Corporation (GME.US), Says Proposed Acquisition of eBay Inc. (EBAY.US) Is Overpriced
GameStop Corporation (GME.US) has made a USD55.5 billion takeover offer for eBay Inc. (EBAY.US), pricing the deal at USD125 per share, representing a premium of about 20% to eBays...
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Michael Burry Exits All Stake in GameStop Corporation (GME.US), Says Proposed Acquisition of eBay Inc. (EBAY.US) Is Overpriced
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GameStop Corporation (GME.US)      has made a USD55.5 billion takeover offer for eBay Inc. (EBAY.US)      , pricing the deal at USD125 per share, representing a premium of about 20% to eBays closing price last Fri (1). Michael Burry, the hedge fund manager known as the inspiration for "The Big Short" and who disclosed a stake in GameStop Corporation (GME.US)      in Jan, said he has exited all of his holdings in the company.

GameStop Corporation (GME.US)      said the acquisition will be supported by cash and third-party financing, and that it has secured a commitment letter from TD Securities for approximately USD20 billion in financing.
Burry said the debt burden arising from GameStop Corporations proposed acquisition of eBay Inc. (EBAY.US)      does not align with his vision for the company.

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He added that if GameStop Corporation (GME.US)      intends to compete with online retailers such as Amazon.com, Inc. (AMZN.US)      , there are better acquisition targets available. He believes the price offered for eBay Inc. (EBAY.US)      is too high and that the final transaction value could be well above USD55.5 billion. This would further increase GameStop Corporations leverage to levels approaching distressed debt territory, which could undermine the companys competitiveness and innovation capabilities.

Following news of the proposed acquisition, GameStop Corporation (GME.US)      shares plunged 10.14% overnight (4) to USD23.84, while eBay Inc. (EBAY.US)      rose 5.26% to USD109.33. (mn/a)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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