00:00It's Benzinga, bringing Wall Street to Main Street.
00:02eBay rejected GameStop's $56 billion takeover bid on Tuesday and called the proposal
00:09neither credible nor attractive in a letter to CEO Ryan Cohen.
00:13eBay chairman Paul Pressler said the board reviewed the proposal with financial and legal
00:18advisors before rejecting it. The board cited concerns about financing uncertainty,
00:23leverage, operational risks, and the leadership structure of a combined company.
00:28The board also cited GameStop's governance and executive incentives in its decision.
00:34eBay said it remains focused on its current strategy and highlighted its global marketplace,
00:39shareholder returns, and recent execution. GameStop did not immediately respond to Benzinga's request
00:45for comment. eBay shares have gained 24.14% year-to-date and closed 0.44% higher Monday at
00:53$108.13
00:54before falling 0.28% in pre-market trading Tuesday.
00:58For all things money, visit Benzinga.com.
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