eBay Rejects GameStop's $56 Billion Takeover Bid

eBay has declined GameStop's unsolicited $56 billion acquisition proposal, labeling it as "neither credible nor attractive." The online marketplace expressed concerns regarding the financing of the deal and the potential operational risks associated with merging the two companies.

GameStop's bid, valued at $125 per share in a combination of cash and stock, aimed to leverage its 1,600 U.S. stores to enhance eBay's logistics capabilities. However, eBay's board, after thorough evaluation, concluded that the proposal did not align with the company's strategic interests.

In a letter to GameStop CEO Ryan Cohen, eBay Chairman Paul Pressler stated,

"We have concluded that your proposal is neither credible nor attractive."

GameStop, which has been accumulating shares in eBay since February and currently holds a 5% stake, did not immediately respond to requests for comment.