eBay board rejects GameStop takeover bid as neither credible nor attractive

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eBay's board of directors has firmly rejected a $56 billion takeover offer from GameStop CEO Ryan Cohen, describing the proposal as neither credible nor attractive.

The rejection came in a letter sent on Tuesday, May 12, signed by eBay chairman Paul S. Pressler. The board cited multiple concerns, including uncertainty over the financial proposal, risks from leverage and leadership structure, and the potential impact on eBay's long-term growth and profitability. It also noted GameStop's governance and executive incentives as factors in the decision.

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Wall Street traders celebrate GameStop's $55.5 billion eBay acquisition bid featuring bitcoin funding.
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GameStop details $55.5B eBay bid with 5% stake, bitcoin funding in focus

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Updating its unsolicited bid announced earlier on May 4, GameStop has disclosed a 5% economic stake in eBay while proposing a $55.5 billion non-binding acquisition at $125 per share in cash and stock. Funding includes $9.4 billion in cash and liquid investments—featuring $368 million in bitcoin—and up to $20 billion in financing, prompting questions over the retailer's cryptocurrency future.

GameStop offers $56 billion to acquire eBay

GameStop has officially bid $56 billion to buy eBay, a company four times its size. CEO Ryan Cohen announced the unsolicited offer on Sunday night, proposing $125 per share in a half-cash, half-stock deal. The move aims to combine GameStop's retail presence with eBay's online marketplace amid the retailer's pivot to collectibles like Pokémon cards.

GameStop CEO fumbles eBay bid questions in awkward CNBC interview

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Following GameStop's $56 billion unsolicited bid for eBay, CEO Ryan Cohen faced sharp grilling on CNBC over financing gaps and deal viability. His vague, incoherent answers drew laughs from hosts and prompted investor Michael Burry to dump his entire stake, spooking markets.

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