Online seller eBay is rejecting an unsolicited $56 billion takeover offer from GameStop, calling the proposal 鈥渘either credible or attractive.鈥�
GameStop disclosed earlier this month that it was a takeover of eBay, seeing it as a vehicle to compete with online retail giant Amazon.
The national gaming retailer said at the time that its approximately 1,600 U.S. stores could become drop-off and shipping locations. One proposal included live sales broadcasts from GameStop locations featuring eBay products.
GameStop鈥檚 bid is worth $125 per share in cash and stock. The equity value of the proposed deal is $55 billion on paper. The company previously said that it started accumulating shares in beginning in February and currently has a 5% stake.
In a letter from eBay Chairman Paul Pressler sent to Cohen, eBay’s board said that it had completed its review of GameStop’s offer and believes that eBay is a 鈥渟trong, resilient business.鈥�
鈥淲ith its differentiated global marketplace and a clear strategy, eBay鈥檚 board is confident that the company, under its current management team, is well-positioned to continue to drive sustainable growth, execute with discipline, and deliver long-term value for our shareholders,鈥� the letter said.
GameStop did not immediately respond to a request for comment. The company’s stock fell 4% before the market open on Tuesday.
Copyright © 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
