TD
Toronto Dominion Bank
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TD securities providing $20b as debt

"This post analyzes the official May 3, 2026 regulatory filing from GameStop regarding the eBay acquisition. It provides a technical breakdown of the $55.5B offer, the $20B TD Securities financing, and the operational synergies between GME's retail footprint and eBay's marketplace."
[https://investor.gamestop.com/ebay/](https://investor.gamestop.com/ebay/)

9b and 20b loan from TD

>Cohen said he has a commitment letter from TD Bank
👀👀👀👀👀🙀🙀👀👀🦴💣
**TD Bank??**
***TD BANK?!?!***
**T**e**D**dy Bank??!?!!!
We are in the endgame, folks.

The 5 year swaps roll on May 29th all 1B plus of them. This is a masterclass. The acquisition causes upward momentum making it more likely for shorts to close because future valuation of the new company will destroy them. They are trapped and he has the cash from the TD loan. eBay cashflow can easily repay the loan. Shares may increase going into the swap expiration. He will have the votes if anyone else has acquired any eBay shares like Teddy / RC Ventures. I just don’t see how the shorts don’t panic come Monday.

A syndicate of banks led by TD, per the letter.

There’s a lot of things to unpack from the proposal. GameStop should file 13D for the price they acquired 5% economic stake of EBay.
The way it’s worded economic stake is weird. We will only know from 13D how much of eBay stock we are already holding.
Napkin math-
50% cash which is 27.75B from - 20B loan TD + 7.75B GameStop cash
It’s the 50% GameStop stock which is the interesting part. GME Valuation need to be 55.5B?

Wouldn’t the 20B in TD come into play and make it more like a 30B company? I’m not sure how the math maths in this case

Is only 26B. TD is good vibe 20B plus 9B GME cash. For what I understand.

Wait funded by a loan from TD Bank? The same one busted for AML fraud?

Think of this way.. Mas marami pang may mas malaking TD sayo in Metrobank.

Is it that hard to read the offer? It’s 50% cash and 50% stock. They are proposing to use their $10bn cash and have a letter from TD Securities saying they think they can finance the other $20bn.
https://investor.gamestop.com/news-releases/news-details/2026/GameStop-Proposes-to-Acquire-eBay-at-125-00-Per-Share/default.aspx
Reality is this is an extreme long shot and is just as likely a way to push up the price of the 5% of EBAY thst GME already owns.

$20 Billion from TD Ameritrade - what a fucking legend. I love this company!!

Billions of cash in Gamestop chest + issue of shares to pay for 50% and a loan from TD of up to 20 B$

So they are getting 20 billion from TD, will use 8 billion from their cash pile. How is the 28 billion coming from 50% in gme shares?

20 Bill loan from TD. 50% cash 50% stock.

https://investor.gamestop.com/ebay/
Details just dropped. $27.5 billion in cash, ($20 billion coming from the TD letter $7.5 billion from the cash reserve) and the other half in stock.

RC must know/believe that there are short multiples of the float. I welcome it, time for the whales to eat each other. I don't think it's any coincidence that TD is floating the 20Billion, saw their name pretty frequently during the early days.

So GME has 9bn, TD giving us 20bn, then you gotta assume Collectors/Nat is gonna invest some money too, right? Im assuming between that, the 5% stake, and RCs personal wealth, that would cover most of the offer

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GAMESTOP CORP.
625 Westport Parkway
Grapevine, TX 76051
News Release
GameStop Proposes to Acquire eBay at $125.00 Per Share
May 3, 2026
GRAPEVINE, Texas--(BUSINESS WIRE)-- GameStop Corp. (NYSE: GME) today submitted a non-binding proposal to acquire 100% of eBay Inc. (NASDAQ: EBAY) at $125.00 per share in cash and stock. The offer represents a 46% premium to eBay’s unaffected closing price on February 4, 2026, the day GameStop started accumulating its position in eBay. GameStop has built a 5% economic stake in eBay through derivatives and beneficial ownership of common stock. GameStop is filing a Schedule 13D and HSR notification tomorrow. The full proposal letter and accompanying materials are available at investor.gamestop.com/ebay.
The proposed offer is $125.00 per share, comprising 50% cash and 50% GameStop common stock, with full shareholder election rights as to consideration type and pro-rata allocation. Aggregate undiluted equity value is approximately $55.5 billion, based on eBay’s most recently disclosed undiluted share count, representing a 27% premium to the 30-day VWAP and a 36% premium to the 90-day VWAP. The transaction is conditioned on customary closing conditions. The cash consideration is expected to be funded from a combination of (i) cash and liquid investments on GameStop’s balance sheet, which totaled ~$9.4 billion as of January 31, 2026, and (ii) third-party acquisition financing, in respect of which GameStop has received a highly-confident letter from TD Securities for up to $20 billion.
eBay spent $2.4 billion on Sales & Marketing in fiscal 2025 while only adding one million net active buyers (134M to 135M - a net increase of less than 0.75%). GameStop will deliver $2 billion of annualized cost reductions within twelve months of closing:
~$1.2 billion from Sales & Marketing. More spend is not producing more users on a marketplace with near-universal brand recognition.
~$300 million from Product Development. Product Development expense grew 11% in fiscal 2025 against revenue growth of 8%.
~$500 million from General & Administrative. Consolidated finance, HR, real estate, legal, IT, and professional services across the combined company.
On cost reductions alone, eBay’s diluted GAAP earnings per share from continuing operations would increase from $4.26 to $7.79 in year one. Beyond cost, GameStop’s ~1,600 US retail locations give eBay a national network for authentication, intake, fulfillment, and live commerce.
Following close, Ryan Cohen will serve as Chief Executive Officer of the combined company.
Mr. Cohen has led GameStop since January 2021. Over that period, GameStop moved from a $381 million net loss in fiscal 2021 to $418 million of net income in fiscal 2025, reduced SG&A by ~$800 million (47%), retired its legacy debt, and raised $4.2 billion of long-term debt at 0% coupon. He owns ~9% of GameStop and receives no salary, no cash bonuses, and no golden parachute. He will be compensated solely based on the performance of the combined company.
Contacts
GameStop Corp. Investor Relations
(817) 424-2001
ir@gamestop.com
Important Information for Investors and Stockholders
No Offer or Solicitation
This communication relates to a business combination between GameStop and that has been proposed by GameStop (the “Proposed Transaction”). This communication is for informational purposes only and is neither an offer to sell or purchase, nor the solicitation of an offer to buy or sell, any securities (or the solicitation of any proxy or vote with respect to any matter), nor shall there be any sale or purchase, issuance or other transfer of securities (or the solicitation of any proxy or other vote) with respect to the Proposed Transaction or otherwise in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the Proposed Transaction. In connection with the Proposed Transaction, GameStop (and, potentially, eBay) may file one or more registration statements, proxy statements, proxy statement/prospectuses or other documents with the Securities and Exchange Commission (“SEC”). This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other document GameStop and/or eBay may file with the SEC or send to stockholders in connection with the Proposed Transaction.
Investors and security holders of GameStop and eBay are urged to read all relevant documents filed with the SEC, including any proxy statement(s), registration statement, proxy statement/prospectuses and/or other documents, carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any definitive proxy statement(s) and/or proxy statement/prospectuses or other applicable definitive materials (if and when available) will be mailed to stockholders of GameStop and/or eBay, as applicable. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by GameStop or eBay through the website maintained by the SEC at http://www.sec.gov. Copies of documents filed with the SEC by GameStop will also be made available free of charge on GameStop’s website at https://investor.gamestop.com/.
Certain Information Regarding Participants
GameStop and its directors and certain of its executive officers may be considered participants in the solicitation of proxies in connection with the Proposed Transaction, should the Proposed Transaction and any such solicitation occur. Information about the directors and executive officers of GameStop is set forth in (i) GameStop’s proxy statement for the 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 24, 2025 (the “2025 Proxy Statement”), which is available here, including under the headings “Proposal 1: Election of Directors”, “The Director Nominees”, “Director Nominee Qualifications and Experience”, “Biographies of Director Nominees”, “The Board of Directors”, “Corporate Governance”, “Director Compensation”, “Executive Officers”, “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters”, “Compensation Committee Interlocks and Insider Participation”, “Proposal No. 2 – Advisory Vote on Executive Compensation”, “Compensation Discussion and Analysis”, “Compensation Committee Report on Executive Compensation”, “Executive Compensation Tables”, “CEO Pay Ratio”, “Pay Versus Performance”, “Certain Relationships and Related Transactions”, (ii) under Item 5.02 “Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers” in the Current Report on Form 8-K filed by GameStop with the SEC on August 11, 2025 (available here), (iii) under Item 8.01 “Other Events” in the Current Report on Form 8-K filed by GameStop with the SEC on January 7, 2026 (available here) and (iv) under Item 8.01 “Other Events” in the Current Report on Form 8-K filed by GameStop with the SEC on January 8, 2026 (available here). To the extent holdings of such persons in the Company’s securities have changed since the amounts described in the 2025 Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, by Ryan Cohen on January 22, 2026 (available here), by Daniel W. Moore on April 3, 2026, January 6, 2026, December 29, 2025, October 2, 2025, September 3, 2025 and August 12, 2025 (available here, here, here, here, here and here respectively), by Mark H. Robinson on April 15, 2026, April 3, 2026, January 13, 2026, January 6, 2026, December 29, 2025, December 10, 2025 and October 2, 2025, (available here, here, here, here, here, here and here, respectively), by Alain Attal on January 21, 2026 and January 20, 2026 (available here and here, respectively), by Lawrence Cheng on January 26, 2026 (available here), and by James Grube on July 1, 2025 (available here). Additional information can also be found in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026, filed with the SEC on March 24, 2026, which is available here.
Further information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in a proxy statement for GameStop’s Board of Directors for election at the 2026 Annual Meeting .and in any proxy statement/prospectus and/or other relevant materials to be filed with the SEC in connection with the Proposed Transaction when they become available.