eBay rejects GameStop bid

The online marketplace said its board had rejected an unsolicited, non-binding acquisition proposal from GameStop after reviewing the offer with financial and legal advisers

eBay has rejected an unsolicited takeover proposal from GameStop, saying the approach was “neither credible nor attractive”.

The online marketplace said its board had turned down the non-binding acquisition proposal after a review with financial and legal advisers.

The approach would have brought together one of the world’s largest online marketplaces with GameStop, the video games retailer that became a symbol of the meme-stock trading boom.

In a letter to GameStop chief executive Ryan Cohen, eBay chairman Paul S. Pressler said the board had considered eBay’s standalone prospects, uncertainty around GameStop’s financing proposal, and the potential impact on eBay’s long-term growth and profitability.

The board also cited concerns over leverage, operational risks, leadership structure, valuation, and GameStop’s governance and executive incentives.

Pressler wrote: “The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it.

“We have concluded that your proposal is neither credible nor attractive.

“We have taken into account such factors as 1) eBay’s standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay’s long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop’s governance and executive incentives.”

eBay said it remained confident in its current strategy and management team.

Pressler added: “eBay is a strong, resilient business that has delivered meaningful results over the past several years.

“We have sharpened our strategic focus, strengthened execution, enhanced our marketplace and seller experience, and consistently returned capital to shareholders.

“With its differentiated global marketplace and a clear strategy, eBay’s 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.”

eBay confirmed receipt of the unsolicited proposal from GameStop earlier this month. It did not disclose the value or structure of GameStop’s proposal in the rejection statement.

The company said its team would remain focused on its own strategy and business.

“Our team remains focused on executing our strategy and driving our business forward in the best interests of the company, our shareholders, our employees, and millions of buyers and sellers around the world,” Pressler added.

eBay, founded in 1995 in San Jose, California, operates in more than 190 markets and connects millions of buyers and sellers worldwide.

The company said it enabled nearly $80 billion of gross merchandise volume in 2025.

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