NEW YORK, July 18, 2026, 09:11 EDT — U.S. markets have closed
- GameStop revealed ownership of 43.39 million eBay shares, representing a 9.8% voting interest.
- eBay shares finished at $112.06, recording a 4.4% decline over the week. The $125 offer is 11.5% above that level.
- Initial estimates indicate an unrealized gain of about $425 million on the position.
eBay is set for a tougher takeover challenge as U.S. markets resume trading on Monday. GameStop’s latest stake includes direct voting rights, contrasting with most of its previous exposure, which was mainly held via paired options.
According to Friday’s filing, ownership totals 43.39 million shares, equal to 9.8%. GameStop settled 39.05 million option-related shares on July 17 and purchased an additional 3.52 million shares in June.
That alters the leverage.
The stake was valued at $4.86 billion at the close on Friday. An initial estimate shows GameStop’s reported cost was approximately $4.44 billion, resulting in a paper profit of roughly $425 million, or 9.6%.
The average price came to roughly $102.27 for each share, not including undisclosed fees on the initial 827,648 shares. The $125 bid still stands 11.5% higher than eBay’s most recent closing price.
The figures are drawn from SEC purchase disclosures and market values as of Friday. GameStop’s liquidity reflects its balance sheet from May 2. The numbers are initial estimates.
| Measure | Result | Investor comparison |
|---|---|---|
| Voting stake | 43.39 million shares; 9.8% | Direct voting power |
| Preliminary disclosed cost | $4.44 billion; $102.27 a share | 53.0% of May 2 cash and securities |
| Friday market value | $4.86 billion | $425 million paper gain; 9.6% |
| Proposed price | $125 a share | 11.5% over the $112.06 close |
| Stake value versus GameStop market value | 37.5% | GameStop’s market value about $13.0 billion |
As of May 2, GameStop held $8.37 billion in cash and marketable securities. The projected expense for eBay amounts to approximately 53% of these holdings. On Friday, that sum represented 37.5% of GameStop’s market capitalization.
That concentration is significant. GameStop holds a profitable stake and an influential vote. It would also incur greater costs if there is further escalation.
eBay rose 1.0% on Friday, while the S&P 500 slipped 1.0%. However, eBay shares were still down 4.4% week over week. The ownership filing was submitted after normal trading hours.
The first complete test will take place on Monday.
GameStop CEO Ryan Cohen stated, “we’re coming for eBay one way or another.” He would not comment on a possible increase in the offer. The spread remains a key focus for investors. Reuters
eBay Chairman Paul Pressler in May described the bid as “neither credible nor attractive.” The board pointed to risks relating to financing, leverage, governance and execution and reiterated its support for management’s independent strategy. eBay Investors
The funding shortfall is still significant. The $55.5 billion offer consists of a 50-50 split between cash and GameStop stock. A non-binding letter includes the possibility of up to $20 billion in debt. The deal requires the merged entity to secure an investment-grade credit rating.
eBay’s operating figures present the board’s rebuttal. Revenue for the first quarter climbed 19%, and merchandise volume increased by 18%. For the second quarter, the company projects currency-neutral growth between 8% and 10% for both metrics.
Cohen describes Amazon.com Inc. NASDAQ:AMZN as the strategic standard. He contends that merging the companies would improve competitiveness. However, he notes that scale by itself will not fully address the funding shortfall.
eBay’s upcoming scheduled event is its earnings call on August 5. Attention next week will focus on Monday’s trading session and additional SEC disclosures. A formal board reply may impact the offer spread.
Risks: GameStop may be unable to secure funding or may drop the plan altogether, which would reduce potential takeover backing for eBay shares. A new offer or an activist push could drive the stock higher. Softer growth in the second quarter would make the independent case less compelling.
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