GameStop’s rejected May 2026 unsolicited $56 billion cash-and-stock bid for eBay at $125 per share remains the dominant factor anchoring the 94% market-implied probability of no acquisition. eBay’s board dismissed the offer as neither credible nor attractive, citing financing doubts around GameStop’s smaller market capitalization, reliance on up to $20 billion in contingent TD Securities debt, and execution risks. Subsequent buildup to a 9.8% stake has not produced a revised proposal or binding commitment, while GameStop shares trading near $23—well below the $32 warrant strike—limit additional capital ahead of the October 30 expiration. Trader consensus reflects these structural barriers and regulatory hurdles. A credible new financing package or successful proxy campaign could still reopen the possibility, though both face significant near-term obstacles.