GameStop’s unsolicited $55–56 billion cash-and-stock offer for eBay was rejected in May 2026 as “neither credible nor attractive,” primarily over doubts about financing feasibility and the combined entity’s ability to secure an investment-grade rating. GameStop’s roughly $9.4 billion cash balance and a non-binding TD Securities commitment for up to $20 billion in debt fell short of covering the deal size relative to eBay’s larger market capitalization, while Moody’s flagged the proposal as credit-negative. Although GameStop has since built a nearly 10% stake and reported unrealized gains on the position in its Q2 2026 results, no binding agreement or revised terms have emerged. The 93.5% market-implied probability of no acquisition reflects these structural barriers, though a successful proxy contest or major new equity commitments could still alter the outcome before any potential shareholder vote.