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eBay's board rejected GameStop's $55.5 billion offer to buy the company.
GameStop CEO Ryan Cohen proposed a $55.5 billion acquisition of eBay, nearly four times GameStop's size.
KEY POINTS
- Cohen attempted to fund the bid by selling high-priced GameStop merchandise on eBay itself.
- eBay's board formally rejected the offer, citing uncertain funding and concerns about GameStop's governance.
- GameStop shares dropped 4.5% premarket after eBay publicly dismissed the acquisition proposal.
COMPANIES
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