EBay Spurns Gamestop Takeover Bid

<p><strong><span class&equals;"legendSpanClass">SAN JOSE<&sol;span><&sol;strong> &&num;8212&semi; eBay Inc&period; has rejected an offer from Gamestop to buy the company following a thorough review with the support of its financial and legal advisors&period;<&sol;p>&NewLine;<p>On May 3&comma; GameStop Corp&period; submitted a non-binding proposal to acquire 100&percnt; of eBay Inc&period; at &dollar;125&period;00 per share in cash and stock&period; The offer represents a 46&percnt; premium to eBay’s unaffected closing price on February 4&comma; 2026&comma; the day GameStop started accumulating its position in eBay&period; GameStop said it has built a 5&percnt; stake in eBay through derivatives and beneficial ownership of common stock&period;<&sol;p>&NewLine;<p>The full text of the eBay Board&&num;8217&semi;s response letter to GameStop CEO&comma; Ryan Cohen&comma; is released below&colon;<&sol;p>&NewLine;<p class&equals;"prnml40">Dear Mr&period; Cohen&comma;<&sol;p>&NewLine;<p class&equals;"prnml40">The Board&comma; with the support of its independent advisors&comma; has thoroughly reviewed your proposal and has determined to reject it&period;<&sol;p>&NewLine;<p class&equals;"prnml40">We have concluded that your proposal is neither credible nor attractive&period; We have taken into account such factors as 1&rpar; eBay&&num;8217&semi;s standalone prospects&comma; 2&rpar; the uncertainty regarding your financing proposal&comma; 3&rpar; the impact of your proposal on eBay&&num;8217&semi;s long-term growth and profitability&comma; 4&rpar; the leverage&comma; operational risks&comma; and leadership structure of a combined entity&comma; 5&rpar; the resulting implications of these factors on valuation&comma; and 6&rpar; GameStop&&num;8217&semi;s governance and executive incentives&period;<&sol;p>&NewLine;<p class&equals;"prnml40">eBay is a strong&comma; resilient business that has delivered meaningful results over the past several years&period; We have sharpened our strategic focus&comma; strengthened execution&comma; enhanced our marketplace and seller experience&comma; and consistently returned capital to shareholders&period; With its differentiated global marketplace and a clear strategy&comma; eBay&&num;8217&semi;s Board is confident that the company&comma; under its current management team&comma; is well-positioned to continue to drive sustainable growth&comma; execute with discipline&comma; and deliver long-term value for our shareholders&period;<&sol;p>&NewLine;<p class&equals;"prnml40">Our team remains focused on executing our strategy and driving our business forward in the best interests of the company&comma; our shareholders&comma; our employees&comma; and millions of buyers and sellers around the world&period;<&sol;p>&NewLine;<p class&equals;"prnml40">Sincerely&comma;<&sol;p>&NewLine;<p class&equals;"prnml40">Paul S&period; Pressler<br &sol;>&NewLine;Chairman of the Board of Directors&comma; eBay<&sol;p>&NewLine;