GameStop has withdrawn Ryan Cohen's potential $35 billion performance bonus so the CEO can concentrate on acquiring eBay.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.
Cohen will no longer pursue those milestones.
The withdrawal of Cohen's bonus removes a major potential payout that could have diluted focus or drawn further legal scrutiny.
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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.
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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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