GameStop's May 2026 unsolicited $56 billion cash-and-stock bid for eBay at $125 per share was promptly rejected by the target's board as neither credible nor attractive, citing financing uncertainty, governance concerns, and the acquirer's roughly $12 billion market capitalization relative to eBay's scale. GameStop has since built a 9.8% stake valued near $5 billion while shifting emphasis toward collectibles growth and potential commercial partnerships rather than a full takeover, with eBay shares now trading near the original offer level amid standalone revenue gains. The 93.5% market-implied probability of no acquisition reflects sustained skepticism over funding feasibility and execution risk, though a successful proxy campaign or major new financing commitment could still alter the outcome ahead of any shareholder vote.