eBay has rejected an unsolicited takeover bid from the much smaller US videogame retailer GameStop, calling the $56 billion (£41bn) offer “neither credible nor attractive”.
GameStop chief executive Ryan Cohen had announced the bid last week, saying he would try to acquire the larger company for $125 per share in a cash-and stock deal, but doubts had persisted from the beginning about how GameStop would finance such an arrangement.
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Unsolicited offer
eBay has a market valuation of just over $48bn, and has seen its shares rise about 26 percent so far this year, as its chief executive executes a turnaround plan, while GameStop – best known as a “meme stock” promoted on social media, to the detriment of short sellers – is valued at just over $10bn.
