GameStop’s May 2026 unsolicited $55.5 billion cash-and-stock offer for eBay at $125 per share was rejected by eBay’s board as neither credible nor attractive, citing financing uncertainty, leverage risks, and questions over the combined entity achieving an investment-grade rating. GameStop, with a far smaller market capitalization, has since built a 9.8% stake worth roughly $4.9 billion as of early August, converting derivatives into shares while reporting Q2 operating income of $160.2 million boosted by eBay investment gains rather than deal momentum. Traders assign 93.5% odds against completion because eBay continues executing its independent turnaround and GameStop lacks binding commitments for the balance of required capital. A proxy contest or major new equity infusion could reopen the possibility, though no such catalysts have materialized in recent months.