eBay says GameStop's bid is "neither credible nor attractive"

It felt a bit like a belated April Fool's joke when GameStop made a $55 billion (in cash and stock) bid to acquire eBay last week. But it was very much in earnest, with GameStop CEO Ryan Cohen envisioning a future competitor to Amazon.

Now eBay has commented on this, and they don't seem impressed by the offer at all, stating in a release that it is "neither credible nor attractive." eBay Chairman Paul Pressler also adds that "eBay's Board is confident the company, under its current management team, is well-positioned to continue to drive sustainable growth."

In other words, it looks like there won't be a deal, which many analysts had already figured out beforehand. After all, GameStop is a company valued at around $12 billion with a rather shaky recent history, and the idea that they would buy a company for four times that amount seemed overly optimistic.