GameStop’s unsolicited $55.5 billion cash-and-stock offer for eBay was rejected in May 2026 as neither credible nor attractive, establishing the dominant driver behind the 94.5% market-implied probability of no acquisition. eBay’s market capitalization remains roughly four times larger than GameStop’s, while the latter’s balance sheet—holding about $5.4 billion in cash and equivalents plus a $4.9 billion eBay stake as of August 2026—faces skepticism over completing a transaction of this scale without highly conditional third-party financing. GameStop has since concentrated on its core turnaround, lifting fiscal 2026 adjusted EBITDA guidance above $650 million through collectibles growth, with no material progress toward a deal reported in the intervening months. A shift would require eBay’s board to reverse course or Cohen to mount a successful proxy contest, both viewed as low-probability outcomes given entrenched opposition and size disparities.