London (CNN) — GameStop has offered to buy ecommerce giant eBay for $55.5 billion, a tie-up that the video game retailer’s boss believes could produce a “legit competitor” to Amazon. The offer comes ...

London (CNN) — Online marketplace eBay has rejected an offer from GameStop to buy the company for $55.5 billion, dealing a blow to the video game retailer’s ambitions to create a rival to Amazon.

GameStop shares rose on the news, but the bigger story is what Cohen is doing with the company’s leverage, and how far he’s willing to push it.

The vote wasn’t about governance. It was about giving the company room to write a very large check.

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