SAN JOSE, California, May 9, 2026, 13:07 PDT
GameStop CEO Ryan Cohen on Saturday pressed eBay Inc., vowing he’ll “continue doing whatever I need” to take over the online marketplace and expressing his ambition to run both firms. eBay still hasn’t bitten on his unsolicited bid, leaving the door open for more moves. Business Insider
Timing comes into play here, as eBay’s board is currently working through GameStop’s proposal with its advisers. The company, based in San Jose, made it clear it hadn’t engaged with GameStop before the non-binding bid landed. Directors have urged shareholders to sit tight for now—no moves yet—as they assess both the value of the stock component and whether GameStop can actually put forward a “binding, actionable proposal.” eBay Investors
GameStop pitched a $125-per-share bid for eBay, splitting the payment evenly between cash and GameStop stock. That puts eBay’s valuation near $55.5 billion. The company said it already holds a 5% economic stake in eBay. For the cash portion, GameStop plans to use roughly $9.4 billion from cash and liquid assets, with up to $20 billion in financing lined up from TD Securities.
Investors aren’t buying that the deal is sealed. Shares of eBay changed hands at $107.69—noticeably under the offer price—while GameStop was at $24.28. This week, Bloomberg noted that most merger arbitrage traders, typically drawn to these takeover spreads, have mostly kept their distance from the bid.
Cohen sees GameStop’s stores as a ready-made network for eBay—authentication, shipping, even live commerce could all run through them. He’s pitching the deal as a way for eBay to better compete with Amazon.com. Earlier this week, Reuters reported Cohen was ready to bypass the board and bring his bid straight to eBay shareholders if talks stalled.
eBay’s first quarter hardly disappointed. Revenue climbed 19% to $3.1 billion, while gross merchandise volume hit $22.2 billion, up 18%. CEO Jamie Iannone described the results as a “strong start to the year” and emphasized eBay’s growing status as a “marketplace of choice for enthusiasts.” eBay Investors
eBay has been moving pieces around in its portfolio, too. Back in February, the company struck a $1.2 billion cash deal to acquire Depop from Etsy, bringing on board a resale platform that caters to a younger crowd of buyers and sellers. With Depop, eBay is doubling down on direct consumer-to-consumer transactions, cutting retailers and inventory out of the process.
Cohen’s campaign has veered into public—and at times, peculiar—territory. This week, he put up personal belongings for sale on eBay, aiming to stir interest in the platform. Jill Fisch, corporate law professor at the University of Pennsylvania Carey Law School, told Business Insider it’s a strategy to “generate coverage” and boost attention. Colorado University’s Ann Lipton, who specializes in corporate governance, called the move “very hard to parse.” Business Insider
But it’s far from certain. GameStop’s filing spelled out there’s no guarantee a binding agreement will happen, flagging a range of risks: lack of financing, antitrust hurdles, shareholder votes, cost savings, or any promised operating gains. The company also admitted it hasn’t reviewed eBay’s books and records.
eBay’s board faces a tight menu of options after the bid: open talks, turn it down, push for improved terms, or simply hold off and see if Cohen brings his case to shareholders. Officially, eBay is still just reviewing the proposal, with no moves planned for shareholders yet, according to a filing.
