After considering GameStop’s offer, eBay flat out said N A H!
When news first broke that GameStop was making a legit, unsolicited bid to purchase eBay, financial analysts and everyone who knows GameStop is no longer the company it used to be were baffled by the decision.
Well, based on the New York Times reporting, while the company did acknowledge GameStop’s bid, they never took it seriously. They officially rejected the cash-and-stock deal reportedly worth about $55 billion, adding that they found the offer to be “neither credible nor attractive.”
Damn.
The announcement comes after GameStop’s CEO, Ryan Cohen, embarrassed himself when he failed to make sense of the proposed bid for eBay, in which he and his company offered $125 per share in a cash-and-stock deal.
Cohen faced immediate pushback from experts because eBay is larger than the once-popular video game retailer, with a market cap of roughly $48 billion, while GameStop’s is about $10.3 billion.
“The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it,” Paul Pressler, the chairman of eBay’s board, said in a letter. “We have concluded that your proposal is neither credible nor attractive.”
Welp.
As expected, the jokes are flowing like the store credit GameStop loves to give its customers for the stuff they pawn at the company’s remaining retail locations.
The internet has no chill.
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