The board of directors for eBay has formally rejected a $55.5 billion acquisition proposal from GameStop CEO Ryan Cohen, following a series of contentious posts on social media that criticized the company’s customer service practices.
In his offer last Sunday, Cohen proposed purchasing 100% of eBay at $125 per share in a 50/50 deal combining cash and GameStop stock. He claimed his expertise could position eBay as a rival to Amazon.
The board stated in a press release that the proposal was “neither credible nor attractive” and described it as “unsolicited, non-binding.”
Cohen’s online activity included selling video game memorabilia and even GameStop signs on eBay before he was suspended from the platform. He also made posts questioning customer service response times, including: “On phone with customer support @eBay. please respond @eBay.”
Additionally, Cohen mocked eBay’s customer service capabilities by writing on X: “You’d think with 2.4 billion in marketing spend, they could login to X.”
eBay’s chairman of the board, Paul S. Pressler, cited uncertainties in Cohen’s financial proposal and potential impacts on long-term growth and profitability as reasons for rejection. The company also noted that GameStop’s governance structure differs significantly from its own.
The board emphasized that eBay remains a “strong, resilient business” under current leadership and is well-positioned to maintain sustainable growth for shareholders.
Cohen has not made any additional public statements regarding the rejection.
