Wednesday, May 20Wednesday, May 20GameStop made an unsolicited $55.5 billion (£41 billion) bid to acquire eBay, proposing a half-cash, half-stock deal. The bid was publicly outlined in a letter on GameStop’s website earlier in May 2026. However, eBay’s board swiftly rejected the offer, describing it as *"neither credible nor attractive"* and citing uncertainty around GameStop’s financing proposal .
Ryan Cohen, GameStop’s CEO and a major shareholder with a 5% stake in eBay, has hinted at the possibility of taking the bid directly to eBay’s shareholders, potentially launching a hostile takeover attempt. The rejection by eBay’s board could escalate tensions, as Cohen’s history of activist investing—including his role in GameStop’s 2021 meme-stock surge—suggests he may pursue alternative strategies to push the deal forward .
The bid has been widely criticized for its perceived lack of credibility, with analysts noting GameStop’s financial constraints and the significant valuation gap between the two companies. GameStop’s reputation as a meme stock, fueled by retail investor enthusiasm on Reddit in 2021, contrasts sharply with eBay’s established market position, further complicating the bid’s viability .
EBay rejects GameStops $56bn bid as neither credible nor attractive CEO Cohen, who has built a 5 percent position in eBay, has hinted he may take offer directly to eBay shareholders.
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GameStop hits the limits of credibility with $56bn eBay bid | Nils Pratley The meme stock company is remembered for Reddit traders sending its share price into orbit but its move on the auction site looks less likely to take offNeither credible nor attractive. No, not a line from a junior ministers resignation letter on Tuesday. It was eBays succinct appraisal of the bizarre $55.5bn (£41bn) takeover offer from video games retailer GameStop, an affair that offers light distraction from the sight of UK 10-year gilt yields at 5-plus.To recap: GameStop is the meme stock company that became famous a few years ago when amateur traders on a Reddit forum piled in furiously in an attempt to burn the short-sellers who were betting on the struggling retailers demise. Surprisingly, the Redditers succeeded beyond their wildest dreams. The squeeze drove up GameStops share price hundredfold, inflicting hell on serious hedge funds and making the companys chief executive, Ryan Cohen, an anti-establishment hero. Continue reading...
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GameStops $55.5bn bid for eBay rejected as neither credible nor attractive Online marketplace takes into account uncertainty around US video games retailers financing proposalBusiness live – latest updatesThe board of eBay has rejected the US video games retailer GameStops surprise $55.5bn bid (£41bn) for the online marketplace, describing the proposal as neither credible nor attractive.Earlier this month, GameStop made an unsolicited bid for eBay, publishing a letter on its website outlining a half-cash, half-stock proposal. Continue reading...
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