GameStop CEO Ryan Cohen on Wednesday told eBay's board that the company should not reject his $56 billion takeover proposal and that the company's shareholders deserve a chance to evaluate it.
One firm is doubling down on its bull case for the online marketplace. Citi analyst Ronald Josey raised his price target on eBay (NASDAQ:EBAY | EBAY Price Prediction) stock to $127 from $114, maintaining a Buy rating.
Last week, GameStop offered to buy eBay for $125 per share. There is significant uncertainty over whether GameStop can actually afford the $55.5 billion purchase price it is offering.
In a letter from eBay Chairman Paul Pressler, eBay's board said that it had completed its review of GameStop's offer and believes that eBay is a “strong, resilient business.”