Game Station CEO accuses eBay of hastily rejecting acquisition offer.

Game Station CEO Ryan Cohen strongly retaliated against eBay's rejection of its $56 billion acquisition offer and reiterated the threat of launching a hostile takeover. In an email, Cohen wrote to eBay board chairman Paul Pressler on Wednesday, accusing the company of hastily rejecting the $125-per-share non-binding acquisition proposal without any substantive communication on the offer. Despite the refusal to meet with eBay's board, Cohen plans to directly submit the acquisition offer to shareholders. Cohen wrote in the letter, "The $125 per share acquisition proposal should not have been rejected without evaluating its substantive value. The financial logic of the deal is clear, and information is publicly available. eBay shareholders have the right to evaluate it." To advance the acquisition, Game Station has increased its stake in eBay to 5%, laying the foundation for a hostile takeover. With a market value of only $10.3 billion, Game Station announced earlier this month that it would acquire eBay in a cash-plus-stock deal - more than four times eBay's market value.