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eBay rejects GameStop $56bn takeover bid

The rejection could lead to a hostile bid as GameStop CEO Ryan Cohen had said he was willing to take the offer directly to eBay shareholders, possibly by calling a special meeting

Reuters
Reuters

12 May, 2026

eBay rejects GameStop $56bn takeover bid
Image: Getty Images

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EBay on Tuesday rejected an ambitious $56bn takeover bid from the much smaller GameStop GME.N on doubts over the financing of the deal, while underscoring its turnaround efforts that have boosted growth.

Analysts and investors have doubted whether the half-cash, half-stock bid from the $12bn videogame retailer for a company nearly four times its market value would close.

EBay stock has been trading far below the offer price of $125 per share since the offer was made earlier this month. Its was down 1.1 per cent at $107 on Tuesday in premarket trading, while GameStop fell nearly 4 per cent.

“We have concluded that your proposal is neither credible nor attractive,” eBay chairman Paul Pressler said. “eBay’s Board is confident that the company, under its current management team, is well-positioned to continue to drive sustainable growth.”

GameStop did not immediately respond to a request for comment.

The rejection could lead to a hostile bid as GameStop CEO Ryan Cohen had said he was willing to take the offer directly to eBay shareholders, possibly by calling a special meeting.

Cohen has argued that by combining GameStop and eBay he could cut costs and find synergies to create a much bigger enterprise.

He has said he could boost eBay’s profitability by replicating GameStop’s cost-cutting drive and use its 600 US stores into a physical network to help turn eBay into a tougher rival to Amazon.

The proposed deal is drawing attention in a robust mergers and acquisitions and among retail investors, for whom Cohen has been a hero since he helped rally a short squeeze in 2021 that hammered hedge funds such as Melvin Capital.

The offer has also irked some GameStop investors. Michael Burry, of “The Big Short” fame, sold his stake in the company after the offer, warning that it would saddle GameStop with debt and dilute shareholders.

Both eBay and GameStop sell collectibles such as trading cards but their mainstay businesses are different. While eBay earns fees by connecting buyers and sellers online without holding inventory, GameStop buys goods wholesale and resells them through physical stores.

From the start, Wall Street reacted with surprise and suspicion to Cohen’s offer, asking how GameStop could swallow a company four times its size.

In an interview on CNBC, Cohen, dressed in a black leather jacket and T-shirt, did not offer much explanation on how GameStop would finance the $56bn purchase price.

When pressed, Cohen said the deal would be paid for with cash and stock. His short answer prompted awkward silences in the interview.

Cohen wrote to eBay’s board that he would serve as the combined company’s CEO and would take no salary, cash bonuses or golden parachute.

The 40-year-old billionaire cemented his fame and fortune by co-founding and then selling online pet foods retailer Chewy and then by making a big bet on GameStop at a time the retailer had a market valuation of $250m.

Cohen was appointed GameStop’s chairman in 2021 and assumed the CEO role after his handpicked CEO, a former Amazon executive, was fired in June 2023.

Saudi Arabia and Russia launch visa-free access: Key details

The agreement allows Saudi and Russian citizens to travel between the two nations without obtaining visas for short-term visits, in a move expected to significantly boost tourism and business travel

Nida Sohail
Nida Sohail

12 May, 2026

Saudi Arabia and Russia launch visa-free access: Key details

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A landmark visa-free travel agreement between Saudi Arabia and Russia officially entered into force on Monday, May 11, 2026, marking a major step in strengthening ties between the two countries.

The agreement allows Saudi and Russian citizens to travel between the two nations without obtaining visas for short-term visits, in a move expected to significantly boost tourism, business travel, and cultural exchange, a Saudi Gazette report said.

Read more-UAE passport powers ahead: Visa-free access to 187 destinations

Officials described the agreement as a reflection of the growing partnership and longstanding diplomatic relations between Riyadh and Moscow. The new policy comes as the two countries commemorate 100 years of Saudi-Russian diplomatic relations.

Under the agreement, holders of diplomatic, special, and ordinary passports are all eligible for visa-free entry. Russia also becomes the first country to sign a visa exemption agreement with Saudi Arabia that includes ordinary passport holders.

Tourism and business travel expected to rise

The visa exemption applies to travel for tourism, business, and family visits. Citizens from both countries will now be permitted to stay for up to 90 consecutive days, or for a total of 90 days within a single calendar year without a visa.

However, authorities clarified that the agreement does not apply to travel for work, study, residency, or Hajj. Travelers visiting for those purposes will still be required to obtain the appropriate visas before entering either country.

Observers said the agreement is expected to increase mutual visits and open new opportunities for economic, tourism, and cultural cooperation between the two nations.

Officials also noted that the deal highlights the shared commitment of Saudi Arabia and Russia to expanding collaboration across several sectors and strengthening people-to-people ties.

Dubai confirms Eid Al Adha holidays for private schools

The extended closure effectively creates a nine-day break for students and staff

Rajiv Pillai
Rajiv Pillai

12 May, 2026

Dubai confirms Eid Al Adha holidays for private schools
Image: Getty Images/Image for illustrative purpose

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Dubai’s private schools will observe a nine-day Eid Al Adha break later this month, according to announcements by the Knowledge and Human Development Authority (KHDA), as the emirate aligns holiday schedules with the UAE’s unified academic calendar.

The holiday for private schools will begin on Monday, May 25, and continue until Friday, May 29, with classes scheduled to resume on Monday, June 1.

The extended closure effectively creates a nine-day break for students and staff when combined with the preceding and following weekends.

KHDA confirmed the dates through an announcement on a social media post, wishing students and families “a happy holiday and wonderful times” during the Eid Al Adha period.

The holiday schedule is in line with the UAE’s unified academic calendar framework introduced for the 2025–2026 academic year, which standardised school term dates and holidays across public and private institutions nationwide.

The development comes as schools across the UAE continue adjusting academic schedules, revision plans and parent communications ahead of the final stretch of the academic year and end-of-term examinations

talabat reports Q1 revenue rises by 23% to $1bn, net profit hit $87m

Chief executive officer Toon Gyssels said the company delivered a strong start to the year despite a ‘dynamic environment of heightened uncertainty’

Gulf Business
Gulf Business

12 May, 2026

talabat reports Q1 revenue rises by 23% to $1bn, net profit hit $87m
image courtesy: talabat

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Article Summary
Talabat reported strong Q1 2026 results, with GMV up 18% and revenue increasing 23%. Performance was driven by customer growth and Ramadan/Eid operations. Adjusted EBITDA reached $30m and net income was $87m. A $120m "Everyday App" investment supported growth. Talabat raised its full-year net income guidance and plans a share buyback programme.

Talabat Holding reported stronger-than-expected first-quarter 2026 performance on Monday, with gross merchandise value (GMV) rising 18 per cent year-on-year to $2.7bn, supported by an expanded customer base, improved Ramadan operations and favourable Eid seasonality.

Revenue increased 23 per cent to $1bn, while adjusted EBITDA stood at $30m, equivalent to 4.8 per cent of GMV, and net income was $87m, or 3.2 per cent of GMV.

Free cash flow rose 7 per cent to $104m.

The company said performance reflected disciplined execution of its strategy and continued investment in its “Everyday App” initiative, supported by a $120m investment programme announced earlier this year.

Talabat increased its full-year net income guidance by $20m to $300m to $330m, while reaffirming its outlook for GMV growth of 11 per cent to 14 per cent, revenue growth of 14 per cent to 17 per cent, adjusted EBITDA of $510m to $540m, and free cash flow of $370m to $400m.

The company also said it expects to begin a share buyback programme of up to 5 per cent of issued share capital “soon after” the results announcement.

Chief executive officer Toon Gyssels said the company delivered a strong start to the year despite a “dynamic environment of heightened uncertainty”, adding that operations remained focused on service continuity and safety across its markets.

GMV growth was driven by both GCC and non-GCC markets, with GCC GMV rising 12 per cent to $2.1bn and non-GCC GMV increasing 52 per cent to $563m.

Talabat said it continues to operate a capital allocation framework that includes a 90 per cent dividend payout ratio alongside reinvestment in growth initiatives.

Read: talabat Kitchen’s Tarek El Halabi on scaling a partner-first cloud kitchen model in the MENA region

New paid parking zones go live in Abu Dhabi with nearly 4,000 new spaces

The third phase of the project will officially begin on May 18, 2026 and will cover sectors M5, M6, M21, M22 and M23

Nida Sohail
Nida Sohail

12 May, 2026

New paid parking zones go live in Abu Dhabi with nearly 4,000 new spaces

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Q Mobility has announced the activation of paid parking across additional sectors in Musaffah, Abu Dhabi, as authorities continue efforts to improve traffic movement and regulate public parking in one of the emirate’s busiest industrial and commercial districts.

The rollout, implemented under the supervision of the Integrated Transport Centre (ITC) of the Department of Municipalities and Transport, forms part of a broader phased expansion strategy that began in January 2026.

According to a WAM report, the third phase of the project will officially begin on May 18, 2026 and will cover sectors M5, M6, M21, M22 and M23.

Read more-Dubai’s key Emaar Malls roll out AI to catch parking violators

The latest expansion will introduce 3,921 regulated surface parking spaces across the five sectors. Sector M21 will account for the largest share with 1,100 spaces, followed by M22 with 800 spaces, M6 with 710 spaces, M5 with 661 spaces and M23 with 650 spaces.

Push to improve mobility and reduce congestion

Officials said the initiative is designed to tackle long-standing parking and congestion issues in Musaffah, which continues to witness heavy vehicle movement due to its concentration of industrial, commercial and service-related activities.

The district attracts thousands of workers and visitors daily, increasing pressure on available parking infrastructure and contributing to irregular parking practices that often affect traffic flow and road safety.

Q Mobility said the expanded paid parking system aims to regulate parking usage, reduce congestion and discourage illegal parking behaviour, while improving overall mobility efficiency within the area.

The company also confirmed that dedicated parking spaces for People of Determination have been incorporated into the new sectors as part of broader accessibility and inclusivity measures.

Authorities believe the project will support smoother access to businesses and commercial facilities while strengthening Musaffah’s position as a key industrial and investment hub in Abu Dhabi.

Earlier phases already underway

The first phase of the Musaffah paid parking programme was launched on January 12, 2026 and covered sectors M1, M2, M3, M4 and M24.

The second phase followed on 20 April 2026, extending the system to sectors M7, M8, M9, M14 and M15.

According to officials, both phases have already contributed to improving traffic circulation and regulating parking behaviour across major areas of the emirate.

Under the current system, motorists are charged Dhs2 per hour for surface parking spaces. Payments can be made through several digital channels, including the “Darb” and “TAMM” applications, SMS services and on-site payment machines.

Authorities said the initiative aligns with Abu Dhabi’s broader mobility and urban planning goals, focusing on smarter infrastructure, operational efficiency and an improved user experience for residents, workers and visitors alike.

RTA expands smart Bus-On-Demand network across Dubai

The service is currently priced at Dhs5 per trip and Dhs4 for each additional rider under a shared-trip model

Rajiv Pillai
Rajiv Pillai

12 May, 2026

RTA expands smart Bus-On-Demand network across Dubai

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Dubai’s Roads and Transport Authority (RTA) has expanded its Bus-On-Demand service to four additional areas — Al Qusais, Jumeirah Village Circle, Al Warqa’a and Dubai Investments Park — as part of efforts to strengthen first and last-mile connectivity and enhance Dubai’s smart mobility ecosystem.

The expansion comes amid strong growth in usage of the service, with ridership surging 136 per cent year-on-year to 984,929 riders in 2025, compared to 417,315 riders in 2024.

With the latest rollout, the Bus-On-Demand network now covers 17 areas across Dubai and is operated through a fleet of 49 minibuses. Existing coverage areas include Al Barsha, Al Nahda, Dubai Silicon Oasis, Dubai Academic City, Al Rigga, Port Saeed, Business Bay, Downtown Dubai, Oud Maitha, Al Karama, Barsha Heights, Al Mankhool and Dubai International Financial Centre (DIFC).

RTA said the move aligns with Dubai Government’s broader vision to strengthen seamless and sustainable mobility across the emirate while reducing dependence on private vehicles.

The Bus-On-Demand service operates through a smart booking model via the Dubai Bus-On-Demand app, allowing users to select pick-up and drop-off points in real time. Unlike conventional public transport, the service uses flexible routing rather than fixed bus routes, helping reduce waiting times and improve operational efficiency.

RTA said the service is designed to improve connectivity between residential communities, business districts and major public transport nodes, including Dubai Metro stations and public bus networks.

The authority added that the service also supports wider traffic management goals by encouraging greater public transport usage and easing congestion across the city.

The service is currently priced at Dhs5 per trip and Dhs4 for each additional rider under a shared-trip model. RTA is also offering free promotional rides during the launch phase in selected areas to encourage adoption.

According to RTA, future phases will include expansion into additional districts alongside further development of the operating model and fare structure to balance service quality with long-term financial

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