GameStop's rejected May 2026 unsolicited $55–56 billion bid for eBay, structured as $125 per share in equal cash and stock, underpins the 93.5% market-implied odds against an acquisition. eBay's board dismissed the proposal as neither credible nor attractive, citing financing doubts despite GameStop's $9.4 billion cash position at the time and a TD Securities commitment letter for up to $20 billion in debt. The acquirer, with a roughly $12 billion market capitalization versus eBay's $46–48 billion, has since accumulated a 9.8% stake valued at $4.9 billion but reported no binding agreement or renewed engagement. Declining core revenue and expiring $32-strike warrants unlikely to yield proceeds further constrain execution. A proxy contest, major new financing, or eBay board reconsideration could still alter the outcome before resolution.