"eBay’s board said it had completed its review of GameStop’s offer and believes that eBay is a "strong, resilient business." "With its differentiated global marketplace and a clear strategy, eBay's board is confident that the company, under its current management team, is well-positioned to continue to drive sustainable growth, execute with discipline, and deliver long-term value for our shareholders," the letter said."
"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 company previously said that it started accumulating shares in eBay beginning in February and currently has a 5% stake."
"The national gaming retailer said at the time that its approximately 1,600 U.S. stores could become drop-off and shipping locations. One proposal included live sales broadcasts from GameStop locations featuring eBay products."
"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."
GameStop made an unsolicited takeover proposal to acquire eBay, valuing the deal at about $55 billion on paper and offering $125 per share in cash and stock. eBay’s board completed its review and rejected the offer, stating it was neither credible nor attractive. eBay emphasized that it is a strong, resilient business with a differentiated global marketplace and a clear strategy. The board expressed confidence that, under current management, eBay is well positioned to drive sustainable growth, execute with discipline, and deliver long-term value. GameStop previously said it was pursuing the acquisition to compete with Amazon, including plans to use its U.S. stores as shipping and drop-off locations and to host live sales broadcasts featuring eBay products.
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