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GameStop makes $55.5bn takeover offer for eBay

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GameStop Proposes to Acquire eBay at $125.00 Per Share

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GameStop made a non-binding $55.5 billion offer to acquire eBay on Sunday, proposing to purchase the e-commerce giant for a 46% premium over eBay's closing price on Feb. 4, 2026, at $125 per share, split evenly between cash and stock.

GameStop made a non-binding $55.5 billion offer to acquire eBay on Sunday, proposing to purchase the e-commerce giant for a 46% premium over eBay's closing price on Feb. 4, 2026, at $125 per share, split evenly between cash and stock.

To fund the deal, GameStop plans to draw on its roughly $9.4 billion in cash and liquid investments, supplemented by up to $20 billion in debt financing secured through a commitment letter from TD Securities.

To fund the deal, GameStop plans to draw on its roughly $9.4 billion in cash and liquid investments, supplemented by up to $20 billion in debt financing secured through a commitment letter from TD Securities.

GameStop CEO Ryan Cohen, who would lead the merged company, has promised $2 billion in annualized cost reductions within 12 months of closing, with $1.2 billion targeted from eBay's sales and marketing budget.

GameStop CEO Ryan Cohen, who would lead the merged company, has promised $2 billion in annualized cost reductions within 12 months of closing, with $1.2 billion targeted from eBay's sales and marketing budget.

In an open letter to eBay Chair Paul Pressler, Cohen stated he would receive no salary, cash bonuses or severance in his role leading the combined entity, with his compensation tied solely to the company's performance.

In an open letter to eBay Chair Paul Pressler, Cohen stated he would receive no salary, cash bonuses or severance in his role leading the combined entity, with his compensation tied solely to the company's performance.

Under the offer, GameStop's roughly 1,600 U.S. retail locations would serve as a national network for eBay's authentication, intake, fulfillment and live commerce operations. If eBay's board rejects the proposal, Cohen has indicated he would approach shareholders directly.

Under the offer, GameStop's roughly 1,600 U.S. retail locations would serve as a national network for eBay's authentication, intake, fulfillment and live commerce operations. If eBay's board rejects the proposal, Cohen has indicated he would approach shareholders directly.

Financial markets reacted positively to the development, with eBay's stock price rising more than 13% in after-hours trading following the announcement. By comparison, GameStop's shares gained around 4%.

Financial markets reacted positively to the development, with eBay's stock price rising more than 13% in after-hours trading following the announcement. By comparison, GameStop's shares gained around 4%.

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GameStop has made a non-binding $55.5 billion offer to acquire eBay at $125 per share, split evenly between cash and stock. The bid represents a 46% premium to eBay's closing price on Feb. 4, 2026, the day GameStop began building its position.

GameStop has made a non-binding $55.5 billion offer to acquire eBay at $125 per share, split evenly between cash and stock. The bid represents a 46% premium to eBay's closing price on Feb. 4, 2026, the day GameStop began building its position.

GameStop CEO Ryan Cohen, who would lead the merged company, has proposed $2 billion in annualized cost reductions within 12 months of closing, with $1.2 billion targeted from eBay's sales and marketing budget.

GameStop CEO Ryan Cohen, who would lead the merged company, has proposed $2 billion in annualized cost reductions within 12 months of closing, with $1.2 billion targeted from eBay's sales and marketing budget.

Cohen has stated he would receive no salary, cash bonuses or severance in his role leading the combined entity, with his compensation tied solely to company performance. He currently owns approximately 9% of GameStop.

Cohen has stated he would receive no salary, cash bonuses or severance in his role leading the combined entity, with his compensation tied solely to company performance. He currently owns approximately 9% of GameStop.

GameStop's roughly 1,600 U.S. retail locations would serve as a national network for eBay's authentication, intake, fulfillment and live commerce operations under the proposal. If eBay's board rejects the offer, Cohen has said he will take it directly to shareholders.

GameStop's roughly 1,600 U.S. retail locations would serve as a national network for eBay's authentication, intake, fulfillment and live commerce operations under the proposal. If eBay's board rejects the offer, Cohen has said he will take it directly to shareholders.

Retail industry analyst Sucharita Kodali of Forrester described the proposal as not "a terribly good offer," noting it would burden eBay with GameStop's debt. eBay shares rose more than 13% in after-hours trading following the announcement, while GameStop shares gained around 4%.

Retail industry analyst Sucharita Kodali of Forrester described the proposal as not "a terribly good offer," noting it would burden eBay with GameStop's debt. eBay shares rose more than 13% in after-hours trading following the announcement, while GameStop shares gained around 4%.

GameStop's $55.5 billion bid for eBay is a bold, well-structured move that makes real financial sense. eBay burned $2.4 billion on Sales & Marketing in fiscal 2025 and gained just one million net active buyers — that's a broken model. Cutting $2 billion in annual costs would nearly double eBay's earnings per share, and GameStop's 1,600 retail locations give eBay a physical network no competitor can match.

GameStop's $55.5 billion bid for eBay is a bold, well-structured move that makes real financial sense. eBay burned $2.4 billion on Sales & Marketing in fiscal 2025 and gained just one million net active buyers — that's a broken model. Cutting $2 billion in annual costs would nearly double eBay's earnings per share, and GameStop's 1,600 retail locations give eBay a physical network no competitor can match.

GameStop acquiring eBay would be a reckless, debt-laden gamble that puts thousands of jobs and key collector marketplaces at risk. The deal would hand one company near-total control over secondhand trading cards, retro games and consoles, crushing competition and driving prices even higher. Ryan Cohen's $35 billion personal payday if GameStop hits $100 billion in value makes the whole thing look less like a business strategy and more like a billionaire's self-serving moonshot.

GameStop acquiring eBay would be a reckless, debt-laden gamble that puts thousands of jobs and key collector marketplaces at risk. The deal would hand one company near-total control over secondhand trading cards, retro games and consoles, crushing competition and driving prices even higher. Ryan Cohen's $35 billion personal payday if GameStop hits $100 billion in value makes the whole thing look less like a business strategy and more like a billionaire's self-serving moonshot.

GameStop Bids $55.5B to Acquire eBay

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GameStop's eBay bid is a bold, well-structured move that makes financial sense. After burning billions on sales and marketing to gain just one million net active buyers, eBay is clearly operating under a broken model. New leadership under GameStop will correct this issue, cutting $2 billion in annual costs, while providing it with a physical network no competitor can match.

GameStop's eBay bid is a bold, well-structured move that makes financial sense. After burning billions on sales and marketing to gain just one million net active buyers, eBay is clearly operating under a broken model. New leadership under GameStop will correct this issue, cutting $2 billion in annual costs, while providing it with a physical network no competitor can match.

GameStop's acquisition of eBay would be a reckless, debt-laden gamble that puts thousands of jobs and key collector marketplaces at risk. Even if the deal were somehow to succeed, it would be disastrous for the market, handing GameStop a near-monopoly over secondhand trading cards, retro games and consoles, which would crush competition and drive prices higher.

GameStop's acquisition of eBay would be a reckless, debt-laden gamble that puts thousands of jobs and key collector marketplaces at risk. Even if the deal were somehow to succeed, it would be disastrous for the market, handing GameStop a near-monopoly over secondhand trading cards, retro games and consoles, which would crush competition and drive prices higher.

GameStop Bids $55.5B to Acquire eBay

GameStop Bids $55.5B to Acquire eBay

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GameStop Bids $55.5B to Acquire eBay

GameStop Bids $55.5B to Acquire eBay

The Spin

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