eBay rejects $55.5bn offer from GameStop

The online auction giant said it doubted how the video game retailer would finance its offer. eBay rejects $55.5bn offer from GameStop Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. eBay on a phone in the foreground with the GameStop logo in the background. Online marketplace eBay has rejected a $55.5bn (£40.9bn) takeover offer from video game retailer GameStop, calling it "unsolicited" and "neither credible nor attractive". Analysts had expected the offer to be rejected as GameStop is much smaller than eBay, which said there was "uncertainty" over how the deal would be financed. Although eBay has suffered in recent years, partly due to more competition from online sellers like Amazon, Etsy and Temu, it insisted its turnaround plan was working. GameStop rose to prominence as a "meme stock", which sees retail investors buy up shares in unloved companies that professional investors have bet against, causing the share price to rise and fall sharply. In a letter to GameStop chief executive Ryan Cohen rejecting the surprise offer, eBay's Board of Directors said the online auction giant was a "strong, resilient business". It cited as a reason for rejection "the impact of your proposal on eBay's long-term growth and profitability", adding it had also considered the offer's "operational risks, and leadership structure of a combined entity". It also cited "GameStop's governance" in the list of factors it had determined before rejecting last week's bid. But it wouldn't be the end of the line for GameStop if it chooses to take its proposal directly to eBay shareholders - which Cohen said last week he would do if faced with a "no" from the board. eBay's net profit in 2025 rose to $418.4m which, despite a fall in sales, was up from the previous year's $131.3m. GameStop is worth about a quarter of online auction giant eBay. It has around 1,600 stores globally, mostly in the US. When it made its offer, GameStop said that it had a commitment letter from TD Securities to provide around $20bn in debt to help finance the takeover. , GameStop said that it had a commitment letter from TD Securities to provide around $20bn in debt to help finance the takeover. Cohen said eBay could be much more successful under his leadership and even rival Amazon. But analyst Sucharita Kodali, a retail analyst at research firm Forrester, told the BBC at the time that the proposal did not sound like a "terribly good offer" as it would saddle eBay with GameStop's debt. The BBC has approached GameStop for comment. A GameStop store is seen in the Jackson Heights neighbourhood of Queens, New York City GameStop makes $55.5bn takeover offer for eBay An international air body suggests wider acceptance of US-grade jet fuel could help to head off any supply problems. The levy was introduced in 2022 after soaring energy company profits and is due to run until 2030. The stores were purchased by Modella Capital last year, and then rebranded under the name TGJones. The online word game from the New York Times will hit the small screen in the UK and US from next year. Amy Dyson has more than 300 Lara Croft games in a Milton Keynes bedroom. The Japanese company behind Mario says "global market conditions" contributed to the decision. GameStop's boss Ryan Cohen says he sees potential to make eBay a much bigger rival to Amazon. The Bafta-award winning game Atomfall is based on an alternative history of a nuclear accident.