GameStop’s unsolicited $55.5–56 billion cash-and-stock bid for eBay, submitted in May 2026 at a 46% premium, was promptly rejected by eBay’s board as neither credible nor attractive due to financing uncertainties and execution risks. GameStop has since accumulated a 9.8% stake, yet market-implied odds reflect persistent doubts over its ability to secure the remaining capital—despite a $20 billion debt commitment letter—given its far smaller market capitalization and balance sheet. Recent developments, including approaching warrant expirations in late October and reports of Cohen exploring a partnership alternative instead, have reinforced trader consensus around a low probability of completion. A shift would require eBay to reverse course, substantial new financing, or a successful proxy campaign, none of which appear imminent.