The GameStop Corp. submitted a cash-and-stock leveraged offer for eBay on May 3, 2026, for $56 billion. The potential buyout is valued at $125 per share with eBay shareholders receiving 50% cash and 50% GameStop common stock, representing a 20% premium. GameStop, which has a market cap of $11.90 billion, is funding its deal through a $20 billion bridge loan from TD Bank. GameStop's CEO, Ryan Cohen, has publicly stated he's prepared to engage in a proxy fight and take the offer directly to shareholders if eBay declines the acquisition. As of May 4, 2026, eBay has not issued a public response.
Background timeline
Ryan Cohen has been serving as CEO of GameStop since January 2021, shortly after the speculative short squeeze of the company's stock. During an interview with the Wall Street Journal in January 2026, Cohen suggested that he was seeking a big deal to scale GameStop beyond its core gaming business. Over the next several weeks, GameStop closed dozens of underperforming locations and later purchased a 5% stake in eBay on February 4, 2026. In the days leading up to GameStop's public announcement of its proposed buyout of eBay, media outlets began suggesting the company was actively seeking eBay.
Approval period
The potential transaction may require direct approval from the following countries:
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