eBay has rejected a $56 billion takeover proposal from GameStop, calling the offer “neither credible nor attractive” and citing financing uncertainty, governance issues, and strategic misalignment.
The decision was announced on Tuesday, May 12, 2026, after the board reviewed the unsolicited offer led by GameStop Chief Executive Officer Ryan Cohen.
eBay Chairman Paul Pressler said the company remains confident in its standalone strategy under CEO Jamie Iannone, noting that eBay has delivered about 201 percent in shareholder returns over the past six years.
The proposal reportedly combined cash and stock and included a $20 billion debt financing commitment from TD Bank, contingent on the merged company securing investment-grade credit status.
That condition has raised doubts among credit analysts, with Moody’s indicating the deal would likely be credit negative for eBay.
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GameStop valued eBay at about $125 per share, but eBay closed at $106.68 on Tuesday, May 12, 2026, down 1.3 percent. GameStop also slipped nearly 2 percent in early trading.
Over the past year, eBay shares have gained about 56 percent, while GameStop has fallen roughly 18 percent.
Cohen, who holds about a 5 percent stake in eBay, may escalate the bid to shareholders, though analysts say gaining sufficient backing could be difficult.
He has argued the merger would deliver cost savings and synergies, combining GameStop’s 600-store network with eBay’s online marketplace, and has said he would lead the combined company without salary.
eBay’s board raised concerns over integration risks, citing the stark differences between its fee-based marketplace model and GameStop’s inventory-driven retail business.
Despite investor attention, markets remain skeptical, with prediction platforms assigning low odds to the deal succeeding. GameStop has not responded in detail to the rejection.