Story perspectives

eBay Rejects GameStop $55.5B Bid, Shares Jump

5/14/2026

Summary

eBay Rejects Takeover

eBay’s board rejected GameStop’s unsolicited $55.5 billion takeover bid.
Pressler said the $125-per-share, half-cash, half-stock offer was neither credible nor attractive because of financing uncertainty and operational risks.
Cohen said the deal would use GameStop’s 1,600 U.S. stores as a fulfillment network and cited a $20 billion TD Securities debt commitment and $9 billion cash to fund the offer.
After the rejection, eBay’s shares rose as GameStop’s fell 4% in pre-market trading.

Summary

Cohen Demands Meeting

GameStop filed to more than double its authorized shares, a move that could fund a takeover but would dilute shareholders.
Cohen, a 5% eBay shareholder who takes no salary or bonus and has invested $128 million, warned that if 20% of shareholders back his proposal they could force a special meeting.
In his letter, Cohen called eBay’s leadership a “bunch of losers” and promoted an “owner-operator” model with himself as CEO.

Summary

Cohen Bid Falters

Prediction markets now price the chance of GameStop acquiring eBay at 15.5%, down from 22% in the prior 24 hours and 16% a week ago.
The decline follows eBay’s board rejection and signals investor doubt over financing gaps.
Ryan Cohen’s eBay account ban, triggered by AI-flagged listings, was lifted amid the bid.
Federal Trade Commission and Department of Justice reviews are expected, adding regulatory uncertainty.

History

Historical Context

In February 2008 Microsoft launched a $44.6 billion hostile offer for Yahoo, which the board rejected and sparked antitrust scrutiny by the DOJ. Decades later, eBay’s $55.5 billion proposal to acquire GameStop faces similar FTC resistance and board opposition, echoing the earlier tech-industry showdown and underscoring how mega-takeovers now routinely trigger regulatory and shareholder pushback.

1 of 4

eBay Rejects Takeover

eBay’s board rejected GameStop’s unsolicited $55.5 billion takeover bid.
Pressler said the $125-per-share, half-cash, half-stock offer was neither credible nor attractive because of financing uncertainty and operational risks.
Cohen said the deal would use GameStop’s 1,600 U.S. stores as a fulfillment network and cited a $20 billion TD Securities debt commitment and $9 billion cash to fund the offer.
After the rejection, eBay’s shares rose as GameStop’s fell 4% in pre-market trading.

1 / 4