GameStop's May 2026 unsolicited $55-56 billion cash-and-stock bid for eBay was rejected as neither credible nor attractive, citing financing uncertainties and leverage risks for a target with roughly four times GameStop's market capitalization. The acquirer's ~9.8% eBay stake valued at $4.9 billion and CEO Ryan Cohen's personal purchases have sustained speculation, yet GameStop's declining core revenue and $24-25 share price leave $32-strike warrants expiring October 30 underwater, limiting new capital. Market-implied odds reflect these persistent barriers to closing a transformative deal. A sustained rally above key thresholds or revised financing could reopen possibilities, though eBay's independent turnaround reduces urgency for such an outcome.