GameStop's rejected May 2026 unsolicited $55-56 billion cash-and-stock bid for eBay, valued at roughly $125 per share, underpins the 94.5% market-implied odds against an acquisition. eBay's board swiftly dismissed the proposal as neither credible nor attractive amid skepticism over GameStop's ability to secure full financing despite a TD Securities commitment letter and its own $4.9 billion eBay stake. The significant size disparity, with GameStop's market capitalization far below eBay's, combined with eBay's continued independence and recent reports of a potential bid withdrawal in favor of a partnership, has reinforced trader consensus. Cohen's ongoing personal share purchases and stake buildup signal intent, yet realistic paths to completion remain narrow absent a major stock rally above the $32 warrant strike by late October or unexpected regulatory or board shifts.