eBay on Tuesday rejected a $56 billion US takeover bid from GameStop, calling the offer 'neither credible nor attractive' due to concerns over financing. The e-commerce company emphasized its ongoing turnaround efforts, which have boosted growth.
Analysts and investors have expressed skepticism about GameStop's ability to finance such a large deal, given its market capitalization of approximately $12 billion. GameStop, known for its video game retail stores, has been diversifying into digital assets and blockchain technology.
eBay's board unanimously determined that the unsolicited proposal undervalues the company and is not in the best interest of shareholders. The company's stock rose slightly in after-hours trading following the announcement.
