Amazon · GameStop · Fortune Technology
‘Neither credible or attractive’: eBay slaps down GameStop’s $56 billion takeover bid
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Online seller eBay is rejecting an unsolicited $56 billion takeover offer from GameStop, calling the proposal “neither credible or attractive.”
Key facts
- Online seller eBay is rejecting an unsolicited $56 billion takeover offer from GameStop, calling the proposal “neither credible or attractive
- GameStop’s bid is worth $125 per share in cash and stock
- The equity value of the proposed deal is $55 billion on paper
- The national gaming retailer said at the time that its approximately 1,600 U.S. stores could become drop-off and shipping locations
Summary
Online seller eBay is rejecting an unsolicited $56 billion takeover offer from GameStop, calling the proposal “neither credible or attractive.” Ryan Cohen’s GameStop disclosed earlier this month that it was pursuing a takeover of eBay, seeing it as a vehicle to compete with online retail giant Amazon. The national gaming retailer said at the time that its approximately 1,600 U.S. stores could become drop-off and shipping locations. GameStop’s bid is worth $125 per share in cash and stock. In a letter from eBay Chairman Paul Pressler sent to Cohen, eBay’s board said that it had completed its review of GameStop’s offer and believes that eBay is a “strong, resilient business.”