GameStop's unsolicited $55.5 billion cash-and-stock bid for eBay at $125 per share was rejected by the target board in May 2026 as neither credible nor attractive, citing doubts over financing and execution given GameStop's smaller scale. Despite Ryan Cohen building a 9.8% stake and outlining cost synergies via GameStop's retail footprint, eBay has maintained its standalone strategy with no renewed engagement or regulatory filings advancing a deal. Market-implied odds near 93.5% for no acquisition reflect these barriers and the absence of binding commitments, though the October 30 warrant expiration and any shift in eBay shareholder sentiment could still introduce limited upside risk to completion.