eBay Rejects GameStop's Unsolicited $56 Billion Takeover Bid
eBay Inc. has officially rejected an unsolicited $56 billion takeover offer from video game retailer GameStop, describing the proposal as neither credible nor attractive. The eBay board stated that the company is well-positioned under current management to drive sustainable growth and deliver long-term shareholder value. GameStop, led by CEO Ryan Cohen, had proposed acquiring eBay for $125 per share in a mix of cash and stock, representing a 46% premium at the time of announcement. Cohen aims to expand GameStop’s e-commerce capabilities to compete with giants like Amazon, leveraging synergies in collectibles sales. However, analysts remain skeptical about the feasibility of the deal, noting GameStop’s $10 billion market cap is significantly lower than eBay’s $48 billion valuation. While investment bank TD Securities expressed confidence in raising up to $20 billion, questions persist regarding financing. GameStop, which recently closed hundreds of stores and reported declining revenue, holds a 5% stake in eBay and had threatened to take the offer directly to shareholders if rejected by the board.
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