By Svea Herbst-Bayliss and Abigail Summerville NEW YORK, May 13 (Reuters) - GameStop CEO Ryan Cohen told eBay's board on Wednesday that they should not reject his $56 billion takeover proposal and the e-commerce company's shareholders deserve a chance to evaluate it.

Bay has rejected GameStop's unsolicited $56 billion takeover bid, calling it "neither credible nor attractive," according to a letter from eBay chairman Paul Pressler seen by Bloomberg. That reaction may set in motion an attempt by GameStop to take the offer directly to eBay's shareholders or replace eBay's board with one favorable to its offer via proxy fight.

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) stock to $127 from $114, maintaining a Buy rating. The price target raise reflects what Citi describes as improving operational execution and continued momentum across the company’s targeted growth categories.

By Svea Herbst-Bayliss and Abigail Summerville NEW YORK, May 13 (Reuters) - GameStop CEO Ryan Cohen told eBay's board on Wednesday that they should not reject his $56 billion takeover proposal and the e-commerce company's shareholders deserve a chance to evaluate it.

GameStop's failed bid to acquire eBay quickly spilled into prediction markets, where Ryan Cohen's comments helped move odds on Kalshi and Polymarket.

Deal or no deal, GameStop's recent bid to buy eBay is good news for the e-commerce company's stock.

This marks the end of a short-lived takeover bid for a global e-commerce leader, more than a week since GameStop's proposal worth nearly $56 billion.