eBay rejects GameStop's bid

eBay has officially rejected a $56 billion unsolicited takeover offer from GameStop, describing the proposal as "neither credible nor attractive." The decision deals a significant blow to GameStop CEO Ryan Cohen's ambitions to transform the retailer. eBay's board cited concerns over GameStop's ability to secure financing for the massive deal.

The rejection has raised questions about GameStop's future strategy and its ability to compete in the increasingly crowded e-commerce market.