EBay Rejects GameStop’s $55 Billion Offer as ‘Neither Credible Nor Attractive’
The post EBay Rejects GameStop’s $55 Billion Offer as ‘Neither Credible Nor Attractive’ appeared on BitcoinEthereumNews.com. In brief eBay has rejected a $55.5 billion takeover bid from GameStop. The firm called the unsolicited proposal “neither credible nor attractive.” Shares of EBAY are up 55% in the last year of trading, while GameStop has dropped 18% in the same period. Global online marketplace eBay has rejected GameStop’s unsolicited, $55.5 billion half-stock, half-cash acquisition proposal, it announced Tuesday. After a “thorough review,” the board of directors for the marketplace firm concluded the offer from the publicly traded collectibles and gaming company was insufficient. “We have concluded that your proposal is neither credible nor attractive,” board chairman Paul Pressler wrote in a letter addressed directly to GameStop CEO Ryan Cohen. Pressler cited eBay’s standing as an independent firm and uncertainty regarding the finances of the proposal offering and the leverag