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eBay\u2019s board took a look at GameStop\u2019s $55.5 billion offer to buy the company and had one message for CEO Ryan Cohen: game over.<\/p>\n
Earlier this month Cohen made an ambitious play for a company nearly four times GameStop\u2019s size, with vague details about how he\u2019d fund the deal. Then came a bizarre twist: he started selling GameStop merchandise on eBay\u2014including a branded cap for $4,950 and a mug for $3,151\u2014apparently to help fund the purchase of eBay itself.<\/p>\n
On Tuesday, eBay board chairman Paul Pressler formally rejected the proposal<\/a>, calling it \u201cneither credible nor attractive\u201d in a letter to Cohen. The board cited uncertainty about funding, concerns about GameStop\u2019s governance and executive incentives, and confidence in eBay\u2019s standalone prospects.<\/p>\n GameStop shares fell 4.5 percent in premarket trading following the news. The rejection comes as eBay has been reinventing itself against competition from Amazon, Walmart, Shein and Facebook Marketplace. The company\u2019s share price is up 24 percent this year.<\/p>\n<\/p><\/div>\n eBay\u2019s board took a look at GameStop\u2019s $55.5 billion offer to buy the company and had one message for CEO Ryan Cohen: game over.<\/p>\n Earlier this month Cohen made an ambitious play for a company nearly four times GameStop\u2019s size, with vague details about how he\u2019d fund the deal. Then came a bizarre twist: he started selling GameStop merchandise on eBay\u2014including a branded cap for $4,950 and a mug for $3,151\u2014apparently to help fund the purchase of eBay itself.<\/p>\n