GameStop’s May 2026 unsolicited $56 billion cash-and-stock bid for eBay was rejected by the target’s board as neither credible nor attractive, citing financing uncertainties, governance risks, and leverage concerns. The extreme scale mismatch reinforces the 97.8% market-implied probability of “No”: GameStop’s roughly $13 billion market capitalization and $3.5 billion trailing revenue contrast sharply with eBay’s $54 billion market cap and established global platform. GameStop’s subsequent accumulation of a 9.8% stake has not produced follow-on financing commitments or regulatory filings that would alter the trajectory. Tail-risk scenarios include an unexpected hostile proxy campaign or last-minute third-party backing that overcomes eBay’s standalone growth momentum, though neither has materialized in the six months since the initial proposal.