GameStop’s unsolicited $56 billion bid for eBay, structured as half cash and half stock at $125 per share, was rejected by eBay’s board in May 2026 as neither credible nor attractive, citing severe financing risks, leverage concerns, and a roughly fourfold market-cap disparity. eBay has since delivered revenue growth and margin expansion through its own turnaround, with shares trading near multi-year highs, while GameStop holds an approximately 10% stake but lacks binding financing commitments sufficient for the scale of the transaction. Trader consensus at 96.3% for “No” reflects these structural barriers and eBay’s demonstrated standalone momentum, though tail risks such as a successful proxy contest or revised offer could theoretically reopen negotiations before any regulatory or shareholder deadlines.