@ButtFarm69 I'm stunned that people don't get it. Current eBay shareholders get 50% cash and approx. 2/3 of the combined company ("50% stock"). There are like 2 slides in the offer materials - embarassing that people are not taking the time to read them. That's why Cohen was upset on CNBC.
@BowtiedConsigl1@AviFelman My read is that Cohen understood that Sorkin didn't understand the financing structure, but thought that it was pathetic for Sorkin to go into the interview without understanding the financing, so started (understandably) bullying him ("did you even read our offer").
@GoatBeardzDD@natsturner There's an interview with Nat Turner from a few years ago where he said he wanted to do something with collectibles after his previous exit and PSA was his preferred option, and then he goes "except eBay maybe" and smiles implying that it was way too large at the time.
@AviFelman Not sure what's unclear here. They will pay 50% cash (they have $9bn and soft commitments for $20bn) and will issue new shares for the remaining 50%. Based on the current market cap of GME, eBay shareholders will receive approx. 2/3 of the combined entity.
@evantindell That's not how I read the "equitably and proportionally" language. I would be very surprised if the compensation committee did anything except adjust the tranches proportionally to the dilution. That's the base case and anything else would be a deviation from the language.
@foxenflask@CHILIKIWInft I agree - there also seems to be no reason to delay the proxy statement for the compensation package unless they also want to include approval of M&A in the same proxy.
@foxenflask@ryancohen I think it's highly unlikely that the notes themselves would have been given to Cohen. The more likely scenario is that the Notes were issued by an acquisition SPV, and cash proceeds were subsequently sent to the sellers.