eBay’s May 2026 rejection of GameStop’s $56 billion cash-and-stock bid at $125 per share as “neither credible nor attractive” remains the dominant factor anchoring the 93.5% market-implied odds against an acquisition. The proposal highlighted financing uncertainties for the far smaller GameStop, whose market capitalization hovers near $12 billion versus eBay’s roughly $54 billion, despite GameStop accumulating a 9.8% stake and securing shareholder approval for additional share issuance. eBay shares trading near the rejected offer price reflect investor confidence in standalone execution, including recent revenue growth and strategic moves like the Depop acquisition. While a proxy contest or revised financing package could theoretically reopen talks, sustained board opposition and eBay’s independent momentum make consummation unlikely absent major unforeseen developments.