eBay rejects GameStop's bid
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People are paying $5,000 for a pack of Pokemon cards at GameStop. For some, it's paying off big time
Buyers can instantly sell back any cards they want to GameStop at 90% of the card's fair market value, minus a 6% selling fee (4). (They can also choose to sell them via Ebay or other methods, likely earning more, but those will take longer for them to receive the funds.)
Bay has rejected GameStop's unsolicited $56 billion takeover bid, calling it "neither credible nor attractive," according to a letter from eBay chairman Paul Pressler seen by Bloomberg. That reaction may set in motion an attempt by GameStop to take the offer directly to eBay's shareholders or replace eBay's board with one favorable to its offer via proxy fight.
One day after eBay Inc. (NASDAQ:EBAY) dismissed the $56 billion takeover proposal as "neither credible nor attractive," GameStop Corp. (NYSE:GME) CEO Ryan Cohen fired back in a letter to Chairman Paul Pressler and in an interview with Piers Morgan,