GameStop’s rejected $56 billion unsolicited bid for eBay in May 2026, combined with the stark market-cap disparity—GameStop at roughly $12 billion versus eBay near $55 billion—underpins the 94.5% market-implied probability against a completed acquisition. eBay’s board dismissed the cash-and-stock offer as neither credible nor attractive over financing and governance concerns, and subsequent accumulation of a 9.8% stake has produced investment gains rather than deal momentum. Traders price in persistent barriers including dilution risk from share issuance, regulatory scrutiny, and eBay’s demonstrated standalone momentum with shares trading near the rejected $125 level. A viable path would require a substantially higher offer, committed third-party financing beyond prior TD Securities indications, or successful proxy pressure, none of which have materialized in the six months since the initial proposal.