GameStop’s unsolicited May 2026 cash-and-stock offer for eBay at roughly $56 billion was rejected by the target’s board as neither credible nor attractive, citing financing uncertainties, leverage risks, and governance concerns. With GameStop’s market capitalization near $13 billion versus eBay’s approximately $50 billion, traders view the size disparity, limited balance-sheet resources, and heavy reliance on uncommitted external debt as major barriers. Cohen’s accumulation of a 9.8% stake and continued public statements have sustained limited speculation, yet the implied 94.5% probability of no acquisition reflects broad market consensus that regulatory, shareholder, and execution hurdles remain prohibitive absent a substantially revised, fully financed proposal.