GameStop’s $56 billion unsolicited bid for eBay was rejected by the board in May 2026 as neither credible nor attractive, citing financing uncertainty, extreme leverage risks, and a fourfold market-cap mismatch with GameStop’s roughly $12 billion valuation. Trader consensus at 94% against an acquisition reflects eBay’s standalone momentum—shares trading near $122 with strong revenue growth and free-cash-flow gains—versus GameStop’s limited cash reserves and dependence on unproven debt commitments. Cohen’s accumulation of a nearly 10% stake and continued pressure have not altered the outcome, as eBay prioritizes independent strategy. A realistic challenge would require either successful shareholder proxy approval or materially improved financing terms that eBay’s board deems executable, though both remain low-probability near-term catalysts.