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Ebay Rejects GameStop’s ‘Neither Credible Nor Attractive’ $56 Billion Takeover Bid
Key takeaways
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- The board concluded that the proposal put forth by Cohen’s company was “neither credible nor attractive,” the letter said.
- It then highlights potential issues with the deal including “uncertainty” around the “financing proposal” and the “leverage, operational risks, and leadership structure” of the combined entity.
Learn more.This voice experience is generated by AI. Learn more.Topline Ebay on Tuesday rejected Gamestop’s $56 billion bid to takeover the company, questioning the financial viability of the deal, weeks after the video game retailer and popular memestock made an unsolicited bid to take over the online marketplace with a four-times larger market cap.
Ebay rejected Game Stop's unsolicited $56 billion bid.Getty Images Key Facts In a press release, eBay shared a letter it sent to GameStop CEO and billionaire Ryan Cohen noting that its board had reviewed the deal and rejected it.
The board concluded that the proposal put forth by Cohen’s company was “neither credible nor attractive,” the letter said.
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