eBay has formally rejected an unsolicited $55.5 billion takeover offer from Grapevine-based GameStop Corp., dealing a significant setback to the North Texas video game retailer’s ambitious plans.
The e-commerce company announced Tuesday that its board of directors unanimously turned down the proposal after a thorough review with financial and legal advisors. In a letter to GameStop CEO Ryan Cohen, eBay Chairman Paul Pressler stated the bid was “neither credible nor attractive,” citing concerns over financing uncertainty, operational risks, leverage and GameStop’s governance structure.
GameStop, headquartered at 625 Westport Parkway in Grapevine, made the surprise non-binding offer on May 3. The proposed deal valued eBay at $125 per share — half in cash and half in GameStop stock — representing a substantial premium to the company’s recent trading price…