Assertio, Garda Therapeutics amend merger as Garda raises all-cash offer to acquire all outstanding Assertio shares for $21.80 per share with no CVR
Monday, May 4, 2026
Lilly shares under pressure after serious Foundayo adverse effects
Eli Lilly stock dips after FAERS reports liver failure tied to obesity drug Foundayo (orforglipron).
GameStop CEO's CNBC Interview Raises More Questions Than Answers On eBay Bid
Summary:
GameStop CEO Ryan Cohen Can't Explain Basic Deal Math To CNBC Host
eBay Confirms Receipt of Unsolicited Proposal from GameStop
GameStop CEO Tells CNBC: We Haven't Heard Anything Yet From eBay
Wall Street analysts "skeptical" about the GameStop Takeover of eBay
GameStop CEO Reveals Unsolicited Offer to Buy eBay
GameStop CEO Ryan Cohen Joins CNBC's Andrew Ross Sorkin For Interview
CNBC's Andrew Sorkin interviewed GameStop CEO Ryan Cohen earlier this morning about GameStop's bid for eBay.
Sorkin asked Cohen about "how does the math work for you? Given the price tag $56 billion, given the market cap of GameStop which is a fraction of that. I know you have this $20 billion dollar financing letter from TD but sort of walk us through how you could get to that price and how it would work."
Sorkin responded to Cohen's answer with disbelief, noting that he had not provided the basic math for how the deal would work. Cohen pointed to a press release that stated the deal is "half cash, half stock."
Sorkin pressed Cohen on the basic math, yet Cohen still couldn't provide a straight answer.
Sorkin emphasized, "I hear you. You understand that. And just trying to understand where the rest of the money would come from."
Cohen responded by repeating what he had said before: "Half cash, half stock."
Sorkin: "I'm just saying that math doesn't get to the price of your offering. So that is a pretty straightforward question. I don't get it. Where is the rest of the money coming from?"
Cohen: "Andrew, I laid it out clearly. I don't understand your question. We're offering half cash, half stock and we have the ability to issue stock in order to get the deal done. But the full details... that's on our website."
Here's the most contentious part of Ryan Cohen's CNBC Squawk Box interview about the GameStop-EBAY acquisition.
— Reese Politics (@ReesePolitics) May 4, 2026
This is a HEATED back and forth, uncommon for financial news. $GME
Sorkin, at one point is in disbelief at RC's repetitive answering to his question. pic.twitter.com/MWAbYWStlp
Why Cohen couldn't explain the basic math to CNBC viewers is a major red flag.
X users pointed out that GameStop's new 13D shows derivatives, or option calls, represent 99.89% (22,176,000 shares) of its $EBAY position.
Actual common stock owned by GameStop is about 25,000 shares, or .11% of the total position.
Wow $GME's new 13D shows derivatives (calls) represent 99.89% (22,176,000 shares) of its $EBAY position.
— Reese Politics (@ReesePolitics) May 4, 2026
Compared to direct common stock of 25,000 shares, which is only 0.11% of the position. pic.twitter.com/G9EAMiJF96
"If the deal falls through, hopefully they just sell their calls for a 50% return," one X user said, which appears to be read.
That's my read
— Reese Politics (@ReesePolitics) May 4, 2026
Polymarket odds of "Will GameStop acquire eBay" stand at 27%.
*GAMESTOP EXTENDS DROP TO SESSION-LOW 7.3% https://t.co/RGCnJjc0C0
— zerohedge (@zerohedge) May 4, 2026
Cohen is best known as the co-founder of Chewy and as an activist investor in GameStop.
Meanwhile .... "Big Short" investor Michael Burry:
GameStop Makes Its Play
— Cassandra Unchained (@michaeljburry) May 4, 2026
$56 Billion for eBay, Makes Perfect Sensehttps://t.co/Wk6q9MqqCn $GME $EBAY pic.twitter.com/sCs7XLsNJJ
And GameStop's 'momo' traders are getting hammered by late morning, down about 7%.
eBay Confirms Receipt of Unsolicited Proposal from GameStop
eBay confirmed that it received an unsolicited, non-binding acquisition proposal from GameStop.
eBay's Board of Directors will review the proposal to determine whether it is in eBay's and shareholders' best interests.
Wall Street Analysts Respond
eBay shares jumped as much as 13% in New York premarket trading after GameStop CEO Ryan Cohen told The Wall Street Journal that he had submitted a $56 billion takeover bid for the online marketplace.
Cohen's deal appears to be part of his strategy to transform eBay into a direct competitor to Amazon, leveraging GameStop's retail footprint and logistics infrastructure to create a larger e-commerce platform.
Wall Street analysts were broadly "skeptical" of Cohen's ability to finance the deal because eBay's market capitalization is nearly four times that of GameStop's, and Truist estimates that GameStop would need nearly $20 billion in debt financing.
Here's the latest comments from analysts, courtesy of Bloomberg:
Morgan Stanley (overweight)
Analyst Nathan Feather notes the key question in any hypothetical acquisition scenario would be financing, as eBay's market cap is roughly four times larger than Gamestop
"We are also initially skeptical on potential synergies. Regardless of outcome, confirmation of an offer would demonstrate eBay's increased potential strategic value"
Notes that regardless of whether Gamestop's bid is successful, an offer would demonstrate how eBay "has been able to increase its strategic value as it has focused on its key strengths (focus categories, C2C, and recommerce) which could also be of interest to other potential acquirers"
Truist (hold)
Analyst Youssef Squali is "skeptical of the ultimate success of this pursuit" at first glance; calls the bid "stunning"
"GameStop CEO Ryan Cohen, who has accumulated a ~5% stake in the marketplace (through stock and options), indicated he is prepared to initiate a proxy fight to take the offer directly to shareholders if eBay's board remains unreceptive"
Notes that Gamestop ended 2025 with a "significantly bolstered balance sheet," but deal would still require nearly $20 billion of debt financing to bridge valuation gap.
Trigon Brokerage (no rating)
- Analyst Dominik Niszcz says deal valuation is seen to be "justified by potential synergies, including significant cost savings, the combination of asset-light eBay (a weakness versus Amazon) with GameStop's physical stores and logistics, as well as a revenue 'flywheel' in collectibles and gaming products."
Meanwhile, GME shares fell 6% in premarket trading as retail traders received a real-time lesson in merger arbitrage, with the momentum stock running into a brick wall of a proposed $56 billion eBay takeover.
GameStop CEO Reveals Unsolicited Offer to Buy eBay
Update: GameStop - the meme stonk that also happens to sell video games, is making an unsolicited offer to buy Ebay for around $56 billion, and already has a commitment letter from TD Bank to provide $20 billion in debt financing to help make it happen, the Wall Street Journal reports.
According to Cohen, GameStop has built up a 5% stake in Ebay and is offering $125/share in cash and stock - which makes for a roughly 20% premium to Friday's closing price.
"EBay should be worth—and will be worth—a lot more money," said Cohen in an interview. "I'm thinking about turning eBay into something worth hundreds of billions of dollars."
If eBay resists Cohen's advances, he's ready to run a proxy fight and take it directly to shareholders.
"There is nobody who is more qualified, based on my experience, to run the eBay business," Cohen said - noting his time at GameStop, and previously Chewy - the online pet-products marketplace he co-founded.
* * *
Three months ago, billionaire Ryan Cohen, the CEO of GameStop, told The Wall Street Journal he was eyeing a major acquisition. Fast forward to late last week, and in what appears to be an intentional leak to the same outlet, Cohen's next move may now be coming into focus: preparing an offer to buy eBay.
The WSJ cites sources who say that Cohen's GameStop has built a $12 billion position in eBay ahead of a potential offer. Notably, eBay has a market capitalization 3.8 times larger than that of the video game retailer.
Sources said Cohen could announce the offer as early as this month, and if eBay rejects it, he may take the bid directly to shareholders.
In late January, Cohen told WSJ that he was eyeing a major transaction and searching for deals in the consumer and retail space, as part of a plan to expand the business far beyond video games and collectibles.
WSJ's Lauren Thomas noted, "GameStop had around $9 billion in cash on hand at the end of March, up from $4.8 billion a year earlier. Cohen would likely enlist his legions of online followers to rally behind a deal, too."
The report comes as GameStop shares are up about 32% this year on hopes for dealmaking, while eBay shares are up nearly 20% this year.
However, one week ago, we penned a note covering AI startup Anthropic, which quietly released a report titled "Project Deal" suggesting the company may be preparing to take on eBay.
https://www.zerohedge.com/technology/gamestop-ceo-prepares-takeover-ebay
Zelensky: Rutte promised more missile supplies
Ukrainian President Volodymyr Zelensky remarked on Monday that North Atlantic Treaty Organization (NATO) Secretary General Mark Rutte assured him of the efficacy of the Prioritized Ukraine Requirements List (PURL) initiative.
"It is important that there is confirmation from Mark that the program is working and anti-ballistic missiles will continue to be supplied to Ukraine," Zelensky wrote on Telegram after their meeting at the European Political Community's summit in Yerevan. "It is important to deepen defense cooperation between Ukraine and NATO members, implement joint projects and work on joint production."
Earlier in the day, Zelensky met with European Council President Antonio Costa and insisted that Ukraine is "technically, fully ready" to join the European Union.
https://breakingthenews.net/Article/Zelensky:-Rutte-promised-more-missile-supplies/66211182
IDF issues another warning to Lebanon residents
The Israel Defense Forces (IDF) issued on Monday another evacuation order for six additional towns and villages in southern Lebanon, including Nabatieh al-Fawqa, Mayfadoun, Qalaouiyah, Burj Qalaouiyah, al-Majadel, and Srifa.
"In light of the Hezbollah terror organization's violations of the ceasefire agreement, the IDF is forced to act against it with force and does not intend to harm you," IDF spokesperson Avichay Adraee said in a post on X, urging residents to move away from villages and towns at least 1000 meters to open areas.
Previously, the Israeli military issued a warning to citizens of four towns in the southern areas of Lebanon.
https://breakingthenews.net/Article/IDF-issues-another-warning-to-Lebanon-residents/66211235
Israel raids Hezbollah's rocket-launching site
The Israel Defense Forces (IDF) announced on Monday that it raided a site in southern Lebanon that Hezbollah used to launch rockets toward Israel.
Furthermore, the IDF also seized various weapons that Hezbollah had stashed, including rockets, Kalashnikovs, and rocket-propelled grenades (RPGs), the military added in an X post.
Earlier in the day, the IDF issued an evacuation warning for four villages and towns in southern Lebanon amid its planned operations against Hezbollah.
https://breakingthenews.net/Article/Israel-raids-Hezbollah's-rocket-launching-site/66210847
State's disastrous preschool education plans put it on embarrassing Supreme Court losing streak
Last month the US Supreme Court agreed to hear St. Mary Catholic Parish v. Roy, a case that almost writes its own headline: Universal for me, but not for thee.
Colorado created a “universal” preschool program, promising every family in the state free preschool at the school of their choice, public or private.
Then it barred Catholic schools from participating unless they agreed to abandon admissions practices rooted in their faith.
The state’s rationale: Catholic preschools, as a matter of sincere religious conviction, reserve the right to limit admissions to families who support Catholic teaching, including those regarding biological sex and marriage — and Colorado insists that any school accepting state funds may not.
Universal means everyone — unless you’re a Catholic school that won’t check your theology at the door.
Legally, this is not a close call.
The Supreme Court has repeatedly made clear that the government cannot exclude people from public benefits because of their religious beliefs or exercise — in Trinity Lutheran Church of Columbia v. Comer (2017), Espinoza v. Montana Department of Revenue (2020), and Carson v. Makin (2022).
Colorado ignored that clear precedent, which is no surprise.
Since 2018, Colorado has been on the losing side of three major Supreme Court decisions that dealt with free exercise or free speech grounded in religious belief — and St. Mary may well make four.
Let’s walk through the wreckage.
In 2018, the justices ruled 7-2 that Colorado’s Civil Rights Commission had treated cake artist Jack Phillips with open hostility toward his religious beliefs.
Their message in Masterpiece Cakeshop v. Colorado Civil Rights Commission was unmistakable: You cannot treat one set of religious beliefs as legitimate and another as worthy of contempt.
Colorado’s response was to keep wielding the same discredited weapon.
The state tried to force Christian graphic designer Lorie Smith to create websites celebrating same-sex weddings.
That earned it a second rebuke from the high court in 2023’s 303 Creative LLC v. Elenis, a 6-3 ruling that cited a long line of precedents prohibiting compelled speech and viewpoint discrimination.
A preschooler like those at St. Mary’s would learn after two run-ins with a hot stove to keep his distance, but Colorado, unfazed by its losses, didn’t change course.
It applied the state’s so-called “conversion therapy” ban to block Christian counselor Kaley Chiles from engaging in consensual talk therapy with patients who wanted to live consistently with their own moral beliefs about sexuality.
In March, in Chiles v. Salazar, the justices ruled 8-1 to strike down this textbook example of viewpoint discrimination, calling it an “egregious” assault on the First Amendment.
The pattern speaks for itself: Colorado refuses to shake the bias it displayed back in Masterpiece Cakeshop.
The state seems hell-bent on enforcing its own orthodoxy of thought, and the Supreme Court has had to come back time and time again to remind it that the First Amendment protects freedom of speech and freedom of religion even when the state disagrees with a person’s opinions.
Fortunately, the high court continues to faithfully apply the law — and not just the conservative justices.
In two of Colorado’s three First Amendment losses, two of the Democrat-appointed liberal justices joined the Republican appointees.
That’s a measure of just how indefensible the state’s position is.
So is this a sign the constitutional system is working as intended, or is it a red flag about our vulnerability to recalcitrant government officials?
The answer is both.
On the one hand, Colorado refuses to learn from its mistakes and is inflicting real harm on its citizens in the process.
The damage is no mere abstraction: Two Catholic preschools have already had to close because of Colorado’s exclusion, and preschool enrollment across the Archdiocese of Denver has declined by about 20%.
Apparently, state-enforced orthodoxy takes precedence over the cause of truly “universal” preschool in the Centennial State.
At the same time, the high court deserves applause for taking on these cases and righting legal wrongs.
The Framers understood that some state governments would test constitutional limits — and that the answer was not to shrug and let the infringement stand.
Some may be frustrated by the court’s willingness to keep correcting Colorado.
But the real red flag is that correction keeps being necessary.
A state that responds to each Supreme Court defeat by searching for the next cake artist, web designer, therapist or Catholic school to target has not absorbed the lesson.
It has decided that constitutional compliance is optional when the politics cut the state’s way.
But it is not, and the justices should remind Colorado of that by ruling decisively for the plaintiff families when it decides St. Mary Catholic Parish.
Carrie Campbell Severino is president of JCN.
https://nypost.com/2026/05/04/opinion/this-states-on-a-supreme-court-losing-streak-heres-why/
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