EBay rejects GameStop's $56B takeover offer, saying the unsolicited bid is "neither credible nor attractive", in a letter from eBay Chairman Paul Pressler
EBay Inc. rejected a $56 billion takeover offer from GameStop Corp. Chief Executive Officer Ryan Cohen …
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eBay Slams Door on GameStop's $56B Takeover Bid
eBay's chairman dismisses Ryan Cohen's unsolicited $56 billion offer as neither credible nor attractive.
GameStop CEO Ryan Cohen made a bold swing at eBay with a $56 billion unsolicited takeover bid. eBay swung back harder.
The e-commerce giant flatly rejected the offer. eBay Chairman Paul Pressler didn't mince words in his response letter, calling the bid "neither credible nor attractive." That's corporate-speak for "absolutely not."
The attempted acquisition would have been a massive deal in the e-commerce space, combining GameStop's meme-stock-fueled ambitions with eBay's established online marketplace. Cohen, who transformed GameStop's direction after taking the helm, apparently saw an opportunity to expand far beyond gaming retail.
eBay clearly disagrees with that vision — or at least with the price tag attached to it. The rejection leaves little room for negotiation, with Pressler's language suggesting the company sees no path forward with this particular suitor.