eBay Slams GameStop's Unsolicited $56B Takeover Bid in Scathing Rejection

The board of directors at eBay wasted little time in shooting down GameStop’s $56 billion takeover bid, calling the unsolicited offer "neither credible nor attractive" in a blunt letter to Ryan Cohen, CEO of the video games reseller. Or in non-corporate speak, eBay's board just told GameStop's CEO to kick rocks, though not before doing its due diligence.

Cohen's surprise bid raised questions as to how exactly Cohen intended to go through with a purchase if eBay's board ultimately accepted the offer. The question led to an awkward exchange when Cohen appeared on CNBC's Squawk Box to discuss details of the proposed takeover.

When pressed on how GameStop would come up with the money, Cohen repeatedly stated that the offer was half in cash and half in stock, with $20 billion in debt financing secured from TD Bank. Still, the math never appeared to ...