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eBay said no to GameStop. Preloved Fashion May Have Dodged A Bullet.

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It would have been difficult to imagine one of the world’s largest online marketplaces for preloved fashion —where a purchase can still feel personal, not commercial—in the hands of a gaming retailer. Although weirder things have happened in fashion, the status quo will be maintained; eBay Inc. rejected GameStop Corp.’s unsolicited offer to buy the e-commerce firm for nearly $56 billion. The company listed several factors it considered, including “the uncertainty” around the deal’s financing, as well as the impact of the proposal on eBay’s future , before ultimately turning down the offer. “We have concluded that your proposal is neither credible nor attractive,” said Paul S. Pressler, who chairs eBay ’s board of directors, in a response letter to GameStop CEO Ryan Cohen.   This marks the end of a short-lived takeover bid for a global e-commerce leader. GameStop offered to buy eBay for $55.5 billion, half of which would be paid in cash while the rest in common stock, over a week ago.…

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