EBay rejects GameStop's $55.5 billion takeover bid, calling it "neither credible nor attractive"
CBS News • • business
Key Points:
- eBay has rejected GameStop's $55.5 billion takeover bid, describing it as "neither credible nor attractive."
- GameStop's CEO Ryan Cohen highlighted the potential benefits of the deal, citing GameStop's 1,600 locations as a "national network" for eBay's authentication, intake, and fulfillment processes.
- eBay cited concerns over the uncertainty of GameStop's acquisition financing and the risks related to leverage and operational integration as reasons for the rejection.
- GameStop currently holds a 5% stake in eBay and offered $125 per share in cash and stock as part of the bid.
- GameStop has not yet responded publicly to eBay's rejection of the offer.