eBay board rejects GameStop's $125 per share proposal as neither credible nor attractive

eBay's board rejected GameStop's unsolicited, non-binding proposal and called it neither credible nor attractive. In a letter from Chairman Paul S. Pressler to GameStop CEO Ryan Cohen, the board cited eBay's standalone prospects, uncertainty over how the deal would be financed, the effect on long-term growth and profitability, the leverage and leadership structure of a combined company, and GameStop's governance and executive incentives. The board said it is confident in eBay's current management and will keep executing its strategy.

• Board verdict: the proposal is 'neither credible nor attractive'
• Letter signed by Chairman Paul S. Pressler and addressed to Ryan Cohen
• Six reasons given, starting with eBay's standalone prospects and the uncertainty over GameStop's financing
• eBay said it is confident in its current management team and will keep executing its strategy