eBay Rejects GameStop's $55.5 Billion Takeover Bid
eBay said Tuesday it is rejecting GameStop's $55.5 billion takeover bid, calling the offer "neither credible nor attractive."
The rejection comes about a week after GameStop made its offer. GameStop CEO Ryan Cohen argued that the video game retailer's 1,600 locations would give eBay a "national network" for authentication, intake and fulfillment.
In a statement, eBay said it rejected the bid because of uncertainty around GameStop's acquisition financing. It also cited the leverage and operational risks of combining the two companies.
GameStop, which already owns a 5% stake in eBay, offered $125 per share in cash and stock.
GameStop didn't immediately respond to a request for comment.
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