GameStop CEO Ryan Cohen has spent a lot of energy trying to convince someone? everyone? that his acquisition of eBay for $55.5 billion would be a great idea that would bring the company $2 billion of cost reductions within a year. He even went as far as selling some GameStop items (allegedly including memorabilia from Game Informer's vault) on eBay itself.

To be honest, I have been thinking of this whole situation as an elaborate joke to boost GameStop's visibility, but it looks like the hype will die soon: eBay released a letter rejecting GameStop's "unsolicited proposal" after a "thorough review with the support of its financial and legal advisors."

It seems like eBay didn't like Cohen's insinuations about its strategy, as the letter points out that eBay is "a strong, resilient business that has delivered meaningful results over the past several years" that has sharpened its strategic focus, strengthened execution, enhanced its marketplace and seller experience, and consistently returned capital to shareholders.

"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 statement ends with eBay promising to stay faithful to its strategy and do business "in the best interests of the company, our shareholders, our employees, and millions of buyers and sellers around the world."

Cohen hasn't had much to say about it on X/Twitter, he just reposted another user's humorous "translation" of the letter, which said, "We’re rejecting it because your entire approach to running a company is an existential threat to how we like to operate here."

I wonder what else Cohen will come up with. He definitely knew this would be the outcome, as he said he'd go to eBay's shareholders if the board rejects the offer.

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