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Tuesday, March 2, 2021

GameStop in talks about possible buyout

Grapevine-based electronics retailer GameStop Corp. on Tuesday morning confirmed it is in talks about a possible buyout.

In a statement, GameStop (NYSE:GME), confirmed it is in exploratory discussions with third parties regarding a potential transaction.

“There can be no assurance any agreement will result from these discussions. GameStop does not intend to make any additional comments regarding these discussions unless and until it is appropriate to do so,” according to the statement.

According to a report on Monday from Reuters, GameStop is talking with private equity firms. GameStop’s shares initially jumped nearly 9 percent as markets closed on Monday.

GameStop’s executive suite has seen several changes recently following the resignation, for health reasons, of J. Paul Raines, who later died. Raines was replaced by one CEO who lasted a month before he left the position. Longtime GameStop executive Dan DeMatteo was initially named interim CEO, but in May GameStop announced that Shane Kim, current member of the company’s Board of Directors and former Microsoft executive, will serve as interim CEO until a permanent one is named, and that Rob Lloyd has been promoted to chief operating officer and chief financial officer. DeMatteo will continue serving as GameStop’s executive chairman of the Board.

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