The bizarre saga of GameStop's $56 billion bid to acquire eBay has come to, if not an ending, then at least a sudden break: the internet auction empire today rejected GameStop's offer, declaring "We have concluded that your proposal is neither credible nor attractive" in a letter from eBay board chairman Paul Pressler.
"The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it," wrote eBay.
"We have taken into account such factors as 1) eBay's standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay's long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop's governance and executive incentives".
In some fairness to GameSt...
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