eBay, the giant worldwide e-commerce company, rejected GameStop’s $55.5 billion offer to buy it today, calling the bid “neither credible nor attractive.”
The eBay board responded to the proposal made just last week, with eBay Board Chairman Paul Pressler writing that the decision was made after considering “the uncertainty” of how the deal would be funded.
The massive bid from GameStop was quite the proposal as the video game retailer attempted to purchase a company roughly four times its size.
eBay’s share price has gained 24 percent this year following the company’s resurgence with the company making strides in collectibles and used goods to attempt to avoid competing with Amazon. eBay made waves in the trading card game world in 2022 when it purchased TCGplayer.
Read the official response from eBay’s press release written by Pressler.