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The
national gaming retailer said at the time that its approximately
1,600 U.S. stores could become drop-off and shipping locations.
One proposal included live sales broadcasts from GameStop
locations featuring eBay products.
GameStop’s bid is worth $125 per share in cash and stock. The
equity value of the proposed deal is $55 billion on paper. The
company previously said that it started accumulating shares in
eBay beginning in February and currently has a 5% stake.
In a letter from eBay Chairman Paul Pressler sent to Cohen,
eBay's board said that it had completed its review of GameStop's
offer and believes that eBay is a “strong, resilient business.”
“With its differentiated global marketplace and a clear
strategy, eBay’s board is confident that the company, under its
current management team, is well-positioned to continue to drive
sustainable growth, execute with discipline, and deliver
long-term value for our shareholders,” the letter said.
GameStop did not immediately respond to a request for comment.
The company's stock fell 4% before the market open on Tuesday.
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