GameStop's May 2026 unsolicited $56 billion cash-and-stock bid for eBay at $125 per share was rejected outright by eBay's board as neither credible nor attractive, citing financing doubts and execution risks from a much smaller acquirer. GameStop has since accumulated a 9.8% stake valued at $4.9 billion, but its own market capitalization hovers near $13 billion against eBay's roughly $50 billion, with warrants expiring October 30 at a $32 strike well above the current share price near $26. eBay continues executing independently, recently completing the Depop acquisition and reporting solid Q2 results with $3.1 billion revenue. Trader consensus at 94.5% against an acquisition reflects these structural barriers, though a sharp GME rally unlocking warrant proceeds or unexpected eBay weakness could reopen talks.