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Dear Mr. Cohen,
The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it.
We have concluded that your proposal is neither credible nor attractive. We have taken into account such factors as 1) eBay's standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay's long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop's governance and executive incentives.
eBay is a strong, resilient business that has delivered meaningful results over the past several years. We have sharpened our strategic focus, strengthened execution, enhanced our marketplace and seller experience, consistently returned capital to shareholders. With its differentiated global marketplace and a clear strategy, eBay's Board is confident that the company, under its current management team, is well-positioned to continue to drive sustainable growth, execute with discipline, and deliver long-term value for our shareholders.
Our team remains focused on executing our strategy and driving our business forward in the best interests of the company, our shareholders, our employees, and millions of buyers and sellers around the world.
Sincerely,
/s/ Paul S. Pressler
Paul S. Pressler Chairman of the Board of Directors.
eBay