GameStop submitted a non-binding proposal on 3 May 2026 to acquire eBay for $125 a share in cash and stock, valuing the online marketplace at about $55.5bn.
Why GameStop Corp. is buying eBay Inc.
GameStop said it would cut about $2bn of annual costs within a year of closing, mostly from sales and marketing, and use its roughly 1,600 US stores as a network for authentication, intake, fulfilment and live commerce. Ryan Cohen would run the combined company.
Deal terms and financing
Shareholders could elect cash or GameStop stock, subject to proration, with the mix fixed at 50/50 overall. The price was a 27% premium to eBay's 30-day volume-weighted average and 46% above its close on 4 February, when GameStop began building a stake. Cash would come from GameStop's balance sheet and acquisition debt backed by TD Securities.
Regulatory approvals and timing
eBay's board rejected the proposal on 12 May, saying it was neither credible nor attractive. Reuters, citing Bloomberg, reported on 10 August that Cohen was considering withdrawing the bid in favour of a partnership or joint venture; no formal withdrawal had been announced by October 2026.
Market context
eBay's market value of just over $48bn at the time was several times GameStop's roughly $10bn, which made financing the central question.
