"On Tuesday, eBay board chairman Paul Pressler formally rejected the proposal, calling it "neither credible nor attractive" in a letter to Cohen. The board cited uncertainty about funding, concerns about GameStop's governance and executive incentives, and confidence in eBay's standalone prospects."
"Earlier this month Cohen made an ambitious play for a company nearly four times GameStop's size, with vague details about how he'd fund the deal. Then came a bizarre twist: he started selling GameStop merchandise on eBay-including a branded cap for $4,950 and a mug for $3,151-apparently to help fund the purchase of eBay itself."
"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's share price is up 24 percent this year."
GameStop made a $55.5 billion offer to buy eBay, with funding details described as vague. Ryan Cohen also began selling GameStop merchandise on eBay, including a cap priced at $4,950 and a mug priced at $3,151, framed as a way to help fund the purchase of eBay. eBay’s board, led by chairman Paul Pressler, formally rejected the proposal in a letter to Cohen. The board cited uncertainty about how the deal would be funded, concerns about GameStop’s governance and executive incentives, and confidence that eBay could perform well on its own. GameStop shares fell about 4.5% in premarket trading after the rejection.
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