eBay Rejects GameStop’s $55.5B Takeover Proposal
eBay Inc. has rejected an unsolicited $55.5 billion acquisition proposal from GameStop Corp., with eBay’s board unanimously concluding the offer was “neither credible nor attractive.”
In a letter signed by Chairman Paul S. Pressler, eBay said the board conducted a comprehensive review of the non-binding proposal alongside independent financial and legal advisors before determining that the transaction presented significant concerns around financing certainty, governance and long-term shareholder value creation.
The proposed deal, disclosed through a Schedule 13D filing, valued eBay at approximately $125 per share and represented one of the largest and most unexpected proposed combinations in the e-commerce sector in recent years.
According to eBay, the board’s review considered the company’s standalone growth strategy, recent operational execution and marketplace improvements, as well as the leverage and integration risks associated with combining the two companies. The board also raised concerns regarding GameStop’s governance structure and executive incentive framework.
“The Board carefully evaluated the proposal and unanimously determined that it is neither credible nor attractive,” Pressler wrote in the letter.
eBay emphasized confidence in its current strategic direction and management team, pointing to ongoing investments in its marketplace platform and continued shareholder return initiatives.
GameStop submitted the proposal last week as part of what would have been a transformative move beyond its traditional gaming and retail operations into broader e-commerce and marketplace infrastructure.
