Finance May 12, 2026 2 min read
eBay's board rejected GameStop CEO Ryan Cohen's unsolicited $56 billion offer of $125 per share in a cash-and-stock deal, calling it neither credible nor attractive in a formal letter from chairman Paul Pressler. Moody's labeled the deal credit negative for eBay due to the implied leverage surge, while Wall Street analysts questioned the strategic rationale. Cohen warned he may take the bid directly to eBay shareholders.