TD
Toronto Dominion Bank
stock NYSE

Things we don't know:
* What the final acquisition price will be
* What the terms of the loan form TD are, (what is the rate?)
* What GME price will be at the time of sale (note that this plus sale price determines how many new shares are issued)
* What the EPS of the combined company will be after acquisition and cost cutting measures
* What is an appropriate EPS multiple for the combined company
All of these greatly affect what the company will be valued at and all of them are pretty unknown right now

How are you still using a TD platform?

The fact is that GME + 20 billion debt from TD =\= eBay.

**TL:DR:**
* 🧬 **It’s a "Repackaging," Not a Standard Takeover:** Rather than a traditional buyout, GameStop CEO Ryan Cohen is proposing a deal where eBay shareholders would own 70% of a newly formed entity, essentially swapping their stock for a majority stake in a "new wrapper."
* 💰 **Financial Incentive:** The deal offers eBay investors $28bn in cash (via a special dividend) plus shares, totaling a value of $49bn (a 6% premium over eBay’s current market value).
* 📉 **High Leverage Risk:** The deal relies on $20bn in financing from TD Bank, which would leave the new company with a heavy debt load equivalent to five times its annual earnings (EBITDA).
* ✂️ **Ambitious Cost-Cutting:** Cohen aims to slash $2bn in costs from eBay, which he claims could add $16bn in value to the combined company.
* 👨‍💼 **The "Cohen Factor":** The deal’s success hinges on whether investors trust Cohen’s leadership; he plans to run eBay like a "family company" and has requested a massive performance-based bonus.

https://www.ft.com/content/88d1b396-9cf9-4f29-9ac1-5664334d515d
GameStop’s bid for eBay is wild — and it might just work
There are many reasons to think GameStop’s bid for eBay is the stuff of fantasy. But the part that looks most problematic — that GameStop’s market capitalisation is $12bn and eBay’s is $46bn — isn’t really. Think about the half-cash half-shares offer not as a takeover but as a kind of souped-up activist approach and it makes rather more sense. GameStop CEO Ryan Cohen is proposing what he calls an acquisition, but is in fact more like a repackaging. As the deal stands, eBay shareholders would get a special dividend and swap their stock for a majority stake in a new wrapper with a different CEO, board and stock ticker. The question for them is simply whether the transaction leaves them financially better off, and whether that new wrapper, and its governance, beats the old. In this case, eBay shareholders are getting a good deal, at least on paper. Cohen is offering them $28bn of cash, of which $20bn would come from financing arranged by TD Bank, and the rest from GameStop’s balance sheet. The games-retailer-cum-meme-stock would issue 1bn new shares, based on its pre-bid share price, giving eBay shareholders 70 per cent of the new company. That stake is worth $21bn, Lex calculates — almost three-quarters of the companies’ combined pre-bid market values, minus the cash paid out as a dividend. And the combination of these transactions is worth $49bn to eBay investors — or 6 per cent more than they started with. Ebay’s shareholders are being offered $3bn to take a chance on a new boss. This is where Cohen’s credibility becomes important, since he himself is the real acquisition currency. Chewy, the petcare retailer he co-founded, was a sliver of the size of eBay when he sold it in 2017. If TD ends up furnishing a $20bn loan, eBay would start its new life with net debt equivalent to a hefty five times ebitda. Under new, untested leadership the company might implode. Or it might thrive. Cohen’s plan involves cutting eBay’s costs by $2bn which, taxed and capitalised on a multiple of 10, would represent $16bn of added value. GameStop’s retail business has shrunk since he took over as CEO in 2023, but last year it made a positive operating profit for the first time since 2018. His challenge is to show he brings more than just bravado. Ebay investors would have to get comfortable with other GameStop quirks. There’s the future dilution from the company’s $4.2bn of convertible bonds. And Cohen’s expansive view of his role: his goal is to run eBay like a “family company”. GameStop’s board, with only two genuinely independent directors, has proposed awarding him a bonus that could, if he hits some astronomical targets, hand him 28 per cent of the company’s shares. They will also have to consider GameStop’s meme-ness, reflected in its volatile share price. Cohen, who says he disdains corporate America, has a fiercely loyal following among the same kinds of retail investor that chased up crypto assets and stocks such as Tesla. Would that aura transfer to eBay? In today’s market, it might. The whole situation is surreal, but it would be rash to dismiss this audacious proposal out of hand.

https://www.ft.com/content/88d1b396-9cf9-4f29-9ac1-5664334d515d?syn-25a6b1a6=1
Article text:
There are many reasons to think GameStop’s bid for eBay is the stuff of fantasy. But the part that looks most problematic — that GameStop’s market capitalisation is $12bn and eBay’s is $46bn — isn’t really.
Think about the half-cash half-shares offer not as a takeover but as a kind of souped-up activist approach and it makes rather more sense.

GameStop CEO Ryan Cohen is proposing what he calls an acquisition, but is in fact more like a repackaging. As the deal stands, eBay shareholders would get a special dividend and swap their stock for a majority stake in a new wrapper with a different CEO, board and stock ticker.
The question for them is simply whether the transaction leaves them financially better off, and whether that new wrapper, and its governance, beats the old. In this case, eBay shareholders are getting a good deal, at least on paper. Cohen is offering them $28bn of cash, of which $20bn would come from financing arranged by TD Bank, and the rest from GameStop’s balance sheet.
The games-retailer-cum-meme-stock would issue 1bn new shares, based on its pre-bid share price, giving eBay shareholders 70 per cent of the new company. That stake is worth $21bn, Lex calculates — almost three-quarters of the companies’ combined pre-bid market values, minus the cash paid out as a dividend.
And the combination of these transactions is worth $49bn to eBay investors — or 6 per cent more than they started with. Ebay’s shareholders are being offered $3bn to take a chance on a new boss.
This is where Cohen’s credibility becomes important, since he himself is the real acquisition currency. Ch3wy, the petcare retailer he co-founded, was a sliver of the size of eBay when he sold it in 2017. If TD ends up furnishing a $20bn loan, eBay would start its new life with net debt equivalent to a hefty five times ebitda. Under new, untested leadership the company might implode.
Or it might thrive.
Cohen’s plan involves cutting eBay’s costs by $2bn which, taxed and capitalised on a multiple of 10, would represent $16bn of added value. GameStop’s retail business has shrunk since he took over as CEO in 2023, but last year it made a positive operating profit for the first time since 2018.
His challenge is to show he brings more than just bravado. Ebay investors would have to get comfortable with other GameStop quirks.
There’s the future dilution from the company’s $4.2bn of convertible bonds. And Cohen’s expansive view of his role: his goal is to run eBay like a “family company”.
GameStop’s board, with only two genuinely independent directors, has proposed awarding him a bonus that could, if he hits some astronomical targets, hand him 28 per cent of the company’s shares.
They will also have to consider GameStop’s meme-ness, reflected in its volatile share price. Cohen, who says he disdains corporate America, has a fiercely loyal following among the same kinds of retail investor that chased up crypto assets and stocks such as Tesla.
Would that aura transfer to eBay? In today’s market, it might.
The whole situation is surreal, but it would be rash to dismiss this audacious proposal out of hand.
john.foley@ft.com

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TD Bank + whatever cash gme still has.

There are many reasons to think GameStop’s bid for eBay is the stuff of fantasy. But the part that looks most problematic — that GameStop’s market capitalisation is $12bn and eBay’s is $46bn — isn’t really. Think about the half-cash half-shares offer not as a takeover but as a kind of souped-up activist approach and it makes rather more sense.
GameStop CEO Ryan Cohen is proposing what he calls an acquisition, but is in fact more like a repackaging. As the deal stands, eBay shareholders would get a special dividend and swap their stock for a majority stake in a new wrapper with a different CEO, board and stock ticker. The question for them is simply whether the transaction leaves them financially better off, and whether that new wrapper, and its governance, beats the old.
FIRST IMAGE HERE


In this case, eBay shareholders are getting a good deal, at least on paper. Cohen is offering them $28bn of cash, of which $20bn would come from financing arranged by TD Bank, and the rest from GameStop’s balance sheet. The games-retailer-cum-meme-stock would issue 1bn new shares, based on its pre-bid share price, giving eBay shareholders 70 per cent of the new company.
That stake is worth $21bn, Lex calculates — almost three-quarters of the companies’ combined pre-bid market values, minus the cash paid out as a dividend. And the combination of these transactions is worth $49bn to eBay investors — or 6 per cent more than they started with. Ebay’s shareholders are being offered $3bn to take a chance on a new boss.
This is where Cohen’s credibility becomes important, since he himself is the real acquisition currency. Chewy, the petcare retailer he co-founded, was a sliver of the size of eBay when he sold it in 2017. If TD ends up furnishing a $20bn loan, eBay would start its new life with net debt equivalent to a hefty five times ebitda. Under new, untested leadership the company might implode.
Or it might thrive. Cohen’s plan involves cutting eBay’s costs by $2bn which, taxed and capitalised on a multiple of 10, would represent $16bn of added value. GameStop’s retail business has shrunk since he took over as CEO in 2023, but last year it made a positive operating profit for the first time since 2018. His challenge is to show he brings more than just bravado.
SECOND IMAGE HERE
Ebay investors would have to get comfortable with other GameStop quirks. There’s the future dilution from the company’s $4.2bn of convertible bonds. And Cohen’s expansive view of his role: his goal is to run eBay like a “family company”. GameStop’s board, with only two genuinely independent directors, has proposed awarding him a bonus that could, if he hits some astronomical targets, hand him 28 per cent of the company’s shares.
They will also have to consider GameStop’s meme-ness, reflected in its volatile share price. Cohen, who says he disdains corporate America, has a fiercely loyal following among the same kinds of retail investor that chased up crypto assets and stocks such as Tesla. Would that aura transfer to eBay? In today’s market, it might. The whole situation is surreal, but it would be rash to dismiss this audacious proposal out of hand.
https://preview.redd.it/30sfx5xonj0h1.jpeg?width=1080&format=pjpg&auto=webp&s=b9a6ed1deac79e04350e02f8902379b09c040cdb

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[https://www.ft.com/content/88d1b396-9cf9-4f29-9ac1-5664334d515d?syn-25a6b1a6=1](https://www.ft.com/content/88d1b396-9cf9-4f29-9ac1-5664334d515d?syn-25a6b1a6=1)

There are many reasons to think GameStop’s bid for eBay is the stuff of fantasy. But the part that looks most problematic — that GameStop’s market capitalisation is $12bn and eBay’s is $46bn — isn’t really. Think about the half-cash half-shares offer not as a takeover but as a kind of souped-up activist approach and it makes rather more sense. GameStop CEO Ryan Cohen is proposing what he calls an acquisition, but is in fact more like a repackaging. As the deal stands, eBay shareholders would get a special dividend and swap their stock for a majority stake in a new wrapper with a different CEO, board and stock ticker. The question for them is simply whether the transaction leaves them financially better off, and whether that new wrapper, and its governance, beats the old. In this case, eBay shareholders are getting a good deal, at least on paper. Cohen is offering them $28bn of cash, of which $20bn would come from financing arranged by TD Bank, and the rest from GameStop’s balance sheet. The games-retailer-cum-meme-stock would issue 1bn new shares, based on its pre-bid share price, giving eBay shareholders 70 per cent of the new company. That stake is worth $21bn, Lex calculates — almost three-quarters of the companies’ combined pre-bid market values, minus the cash paid out as a dividend. And the combination of these transactions is worth $49bn to eBay investors — or 6 per cent more than they started with. Ebay’s shareholders are being offered $3bn to take a chance on a new boss. This is where Cohen’s credibility becomes important, since he himself is the real acquisition currency. Chewy, the petcare retailer he co-founded, was a sliver of the size of eBay when he sold it in 2017. If TD ends up furnishing a $20bn loan, eBay would start its new life with net debt equivalent to a hefty five times ebitda. Under new, untested leadership the company might implode. Or it might thrive. Cohen’s plan involves cutting eBay’s costs by $2bn which, taxed and capitalised on a multiple of 10, would represent $16bn of added value. GameStop’s retail business has shrunk since he took over as CEO in 2023, but last year it made a positive operating profit for the first time since 2018. His challenge is to show he brings more than just bravado. Ebay investors would have to get comfortable with other GameStop quirks. There’s the future dilution from the company’s $4.2bn of convertible bonds. And Cohen’s expansive view of his role: his goal is to run eBay like a “family company”. GameStop’s board, with only two genuinely independent directors, has proposed awarding him a bonus that could, if he hits some astronomical targets, hand him 28 per cent of the company’s shares. They will also have to consider GameStop’s meme-ness, reflected in its volatile share price. Cohen, who says he disdains corporate America, has a fiercely loyal following among the same kinds of retail investor that chased up crypto assets and stocks such as Tesla. Would that aura transfer to eBay? In today’s market, it might. The whole situation is surreal, but it would be rash to dismiss this audacious proposal out of hand.

> Shares won’t be triple either. Thats speculation nonsense.
Unless you can find me some way he's going to magically get to this number without such dilution, what you're suggesting is speculation.
> We don’t even know the full true details and nothing is finalized yet.
We know they don't have enough cash and he repeatedly referenced the $20 billion highly-confident letter from TD, so that they'll require that debt is not speculative. We also know that they still won't have enough cash or share value afterward but that Cohen directly referenced his ability to issue shares to make up that gap.
> Lastly, a cash cow he claims to trim the fat which is explained making 4-5b a year can EASILY service 20b debt.
Right, $4-5 billion EBITDA. Emphasis on the **B**. Even making the most generous assumptions about the interest on that new debt, the 'fat' being slashed (ie. marketing and product development spends) is simply being replaced with debt servicing costs. That's if you assume the $1.2 billion in marketing dollars produces **zero** GMV for the site, which is insane.
You're just replacing investments in the company's marketing and product infrastructure with debt servicing costs.
God forbid the (highly inflated) trading card market see any sort of correction before that debt is fully paid off. The new company would have zero flexibility to respond to that, especially considering the failing brick-and-mortar anchor that's been tied around their neck.

I started with humble savings from my IT job. Here are the deposits I made the entire time I was investing into this account. This is 100% of every deposit I ever made. In short, I saved up money, and then started dumping it into what was then Scottrade, later bought by TD Ameritrade, later bought by Schwab.
[https://postimg.cc/CBwKNh3n](https://postimg.cc/CBwKNh3n)

> $20B financing letter
That letter was described as "highly confident." I don't know how these things work, but Patrick Boyle said that means TD is saying "We're pretty sure we could put $20B together," not necessarily "We're going to lend that to Gamestop to buy EBay."

Ich parke mein Tagesgeld anstatt im DBX0AN im LYX0WM. Bessere TD und genauso liquide.

Yea I was quite surprised by this backlog and how they are handling it. I mean just a few months ago on black Friday 2025 there wasnt a delay like this.
Anyway if you've waited this long it can be worth your while to contact customer care. I called them Friday spoke to an agent and they managed to promise a ship date by Monday May 11. I have two orders one mar 3 and the other Mar 19 2026.
I was polite, and understanding but a bit disappointed. The lady on the call was really nice and solved my issues (promised to ship next business day essentially). I mean I've been waiting (like you) but I feel like they are acting on people who call into customer care 18886619029. (Their complaint line) Make sure to indicate you are escalating the complaint. TD precious metals aren't even responding to emails anymore lol. Good luck

I don’t disagree that Cohen can trim the fat. But people seem to forget that this will wipe out GameStop’s $11b war chest, add $20b of debt if that TD note goes through, it’s going to be a long climb back under really uncertain circumstances

You’re speaking about a private equity style LBO correct? As those do exist, that’s not the case here. This is your interpretation of the deal, however not the only one in existence. To say you’re absolute, would be to lie, just as myself. However I’m giving structured debate here, while you’re cherry picking.
Now, I don’t believe it’s a PE extraction play, and why? What you’re ignoring is the strategic overlap of brick and mortar alongside an online live commerce site. That and a CEO who wants what the sellers of eBay want.
Lastly, Say you’re a lender. Would you lend to a company that isn’t in favor of the shareholders? No, you wouldn’t, so then why would TD?
They know something you don’t, that’s the price you pay to be a bank. Personally, I’d rather research it all than back myself into a corner with limited knowledge. Not a great look.

It’s an LBO. Cohen plans on using eBay’s cashflows to pay off the debt. What bank wouldn’t agree to that? The issue is that there isn’t a benefit to GME or eBay shareholders this way. Cohen gets to make money off his executive plan and TD makes bank but that’s it. That is assuming his “cost” cutting doesn’t kill eBay and bankrupt everything.

I think he brings up fair points as a person, of many, who aren’t invested in the stock nor have taken much time to research into the bull thesis of these operations. It’s only fair as he is miseducated on the subject, and that this would be the response.
It looks insane to the public eye, but it’s also good to be mindful, TD would not have backed the idea with $20 billion if there wasn’t an entire thesis already created, on paper, and given to TD in order to get this type of backing. Ryan wouldn’t also have backing of billions of dollars through 0% convertible notes (no interest, no one on earth would do that without 100% conviction).
He’s a doomer at heart, gotta give him that, but you’re being ridiculous if you’re batting an eye instead of researching, even just for the sake of learning more.