GameStop’s market-implied odds of acquiring eBay stand at just 6.5% for a Yes outcome, reflecting the wide gap in scale—GameStop’s roughly $12 billion market capitalization versus eBay’s larger valuation—along with eBay’s May 2026 rejection of the $55–56 billion unsolicited cash-and-stock bid as neither credible nor attractive due to financing concerns. The proposal relied on GameStop’s $9.4 billion cash balance, a non-binding $20 billion debt commitment from TD Securities contingent on investment-grade ratings for the combined entity, and additional equity, yet Moody’s flagged the deal as credit-negative. Subsequent developments, including GameStop’s stake rising to 9.8% by July and August reports of Cohen weighing a partnership or joint venture with board representation instead of a full takeover, have reinforced trader skepticism ahead of the January 2027 resolution. A successful proxy contest or revised binding offer could still alter the path, though no such catalysts have materialized in recent months.