GameStop’s unsolicited May 2026 bid to acquire eBay at $125 per share (roughly $55.5 billion, half cash/half stock) was rejected outright by eBay’s board as “neither credible nor attractive,” citing financing uncertainty and strategic mismatch. With GameStop’s market capitalization near $10 billion versus eBay’s roughly $48 billion, the proposal faces structural barriers including limited balance-sheet cash (~$9.4 billion as of January 2026), heavy reliance on uncommitted third-party debt, and the need for substantial new equity issuance that would dilute existing shareholders. GameStop has increased its eBay stake to about 6.6 percent, but no binding commitments or regulatory approvals have materialized in the six weeks since the offer. Traders therefore assign an 84.5 percent implied probability to “No,” reflecting the low likelihood that a much smaller acquirer can overcome board opposition, secure credible financing, and close a transaction of this scale before any meaningful catalysts emerge.