GameStop’s rejected May 2026 unsolicited $56 billion bid for eBay at $125 per share, viewed by the target’s board as neither credible nor attractive, continues to anchor trader sentiment against a completed acquisition. The size mismatch remains stark, with GameStop’s roughly $12 billion market capitalization dwarfing the financing required, even after building a 9.8% stake and securing a $20 billion debt commitment letter. eBay’s independent strategy and concerns over GameStop’s execution capacity, including heavy reliance on stock issuance that would dilute shareholders, reinforce the 94.5% implied probability of no deal. While a successful proxy fight or major new capital raise could reopen negotiations, recent warrant expirations and lack of further progress sustain the market’s skepticism.