U.S. e-commerce platform eBay has formally rejected a cash-and-stock acquisition proposal valued at approximately $55 billion from video game retailer GameStop. eBay stated clearly that the offer is "not compelling and not credible."

GameStop unilaterally presented the acquisition proposal last week. Given that eBay's market size is roughly four times that of GameStop, this "David-and-Goliath" merger has drawn widespread skepticism on Wall Street. The market generally holds significant doubts about GameStop's ability to finance the deal and its overall feasibility.

In a statement, eBay indicated that it had conducted a comprehensive and prudent review of the proposal alongside its legal and financial advisors. In a letter to GameStop made public that day, eBay Chairman Paul Pressler detailed the core reasons for rejecting the proposal. He emphasized that management has serious concerns regarding the financing arrangements and certainty of the proposed merger and is worried the transaction would force a substantial, unwanted increase in eBay's debt burden.

Furthermore, Pressler reiterated the positive progress eBay has recently made in its strategic transformation. He noted that to effectively counter competitive pressures from industry giants like Amazon, eBay has sharpened its focus on core strategies and enhanced cross-departmental execution. By comprehensively optimizing its platform ecosystem and seller experience, the company is consistently creating and delivering capital returns to shareholders. Its current development path does not require reliance on such an external acquisition lacking substantive guarantees.