In early May, the American videogame retailer chain, GameStop, presented a buyout offer to eBay for $55 ,500 million dollars, proposal that intends to expand the business and convert its stores into strategic delivery and shipping points.

However, this Tuesday the multinational electronic commerce platform rejected the million-dollar offer, considering it “neither credible nor attractive.” , due mainly to the acquisition of the financing funds of GameStop and the implications that the merger of both companies entails.

In this sense, Paul Pressler, Chairman of the Board of Management of eBay, stated: “We have come to the conclusion that your proposal is neither credible nor attractive. “The eBay Board is confident that the company, under its current management team, is well-positioned to continue-to-drive sustainable growth,” he said.

Currently, GameStop, led by Ryan Cohen, owns a 5% stake in eBay, and with the proposal was offering $125 per share in cash. In addition to guarantee that its $20,000 million financing received approval from TD Bank.

During his purchase offer, Cohen said: “I'm thinking about turning eBay into something worth hundreds-of-thousands-of-millions-of dollars. There will be some leverage on the balance so that the acquisition is possible, but it will generate many more revenues than currently because it will work in a much more efficient manner,” he assured.

However, in a statement this Tuesday, Pressler noted that “eBay is a strong and resilient business that has achieved significant results in recent years. or our strategic approach, strengthening execution, improving our platform and the seller experience, and constantly returning capital to shareholders,” he said.

eBay, founded in 1995 and currently led by Devin Wenig, is valued at approximately$49 billion dollars, while GameStop, with more than 40 years in the market, has a capitalization of approximately $12 billion dollars.