Trending Now - Ebay Dismisses Gamestop's $56 Billion Acquisition Proposal

WHO:

CBS News - GameStop CEO Ryan Cohen

CNN - eBay board chairman Paul Pressler

Business Insider - Michael Burry, investor known for "The Big Short"

WHAT:

ABC News Business - eBay rejected GameStop's unsolicited $56 billion takeover offer, stating it was "neither credible or attractive."

CNN - eBay's board chairman Paul Pressler wrote in a letter that the decision was made after considering eBay's "standalone prospects" and the "uncertainty" regarding how the deal would be funded.

Business Insider - GameStop's shares were down about 5% in premarket trading following the rejection of the bid.

Business Insider - GameStop's market capitalization is approximately $10.4 billion, while eBay is valued at about $48 billion.

CBS News - GameStop CEO Ryan Cohen argued that the video game retailer's 1,600 locations would provide eBay with a "national network" for authentication, intake, and fulfillment.

CNN - GameStop's shares fell 4.5% in premarket trading following the rejection of the bid.

Business Insider - Cohen stated he could deliver $2 billion of annualized cost reductions within 12 months of the deal closing.

Business Insider - Cohen is raising money for the acquisition by auctioning off baseball cards and GameStop merchandise on eBay.

Business Insider - Michael Burry sold his entire GameStop stake after assessing Cohen's eBay proposal.

CBS News - eBay rejected GameStop's $55.5 billion takeover bid, calling it "neither credible nor attractive."

ABC News Business - GameStop made an unsolicited $56 billion takeover offer to eBay.

CNN - GameStop offered $125 per share in cash and stock for eBay.

Business Insider - GameStop's market capitalization is approximately $10.4 billion, while eBay is valued at about $48 billion.

Business Insider - GameStop's shares fell about 5% in premarket trading following the rejection.

WHERE:

CNN - The proposal was made in the context of the online marketplace industry, where eBay operates.

WHEN:

Variety - GameStop submitted a nonbinding offer to acquire eBay on May 3.

WHY:

Business Insider - eBay's chairman outlined six factors influencing the decision to reject the bid, including "the impact of your proposal on eBay's long-term growth and profitability" and "GameStop's governance and executive incentives."

Business Insider - eBay's chairman Paul Pressler outlined six factors influencing the decision to reject the bid, including "the impact of your proposal on eBay's long-term growth and profitability" and "GameStop's governance and executive incentives."

CBS News - eBay rejected the bid due to uncertainty around GameStop's acquisition financing and operational risks of combining the two companies.

CNN - eBay's board concluded the proposal was "neither credible nor attractive" after considering various factors, including eBay's standalone prospects and GameStop's governance.

HOW:

Business Insider - GameStop pointed to approximately $9.4 billion on its balance sheet and a "highly-confident letter from TD Securities for up to $20 billion" to finance the acquisition.

(UPDATED May 12, 2026 19:30 UTC)

eBay has officially rejected GameStop's unsolicited $56 billion takeover offer, deeming it "neither credible or attractive." In a letter, eBay's board chairman Paul Pressler explained that the decision was based on the company's standalone prospects and concerns about how the deal would be funded, while GameStop's shares fell about 5% in premarket trading following the news. GameStop, which has a market capitalization of around $10.4 billion, had pointed to its $9.4 billion balance sheet and a letter from TD Securities indicating confidence in financing the acquisition with up to $20 billion.

(UPDATED May 12, 2026 17:39 UTC)

GameStop CEO Ryan Cohen has proposed that the retailer's 1,600 locations could serve as a "national network" for eBay, focusing on authentication, intake, and fulfillment, but eBay's board ultimately rejected his bid, leading to a 4.5% drop in GameStop's shares during premarket trading. Cohen believes he can achieve $2 billion in annualized cost reductions within a year of closing the deal and is currently raising funds for the acquisition by auctioning baseball cards and GameStop merchandise on eBay. Meanwhile, investor Michael Burry has sold his entire stake in GameStop after evaluating Cohen's proposal, which eBay's chairman Paul Pressler cited as having implications for the company's long-term growth and governance.

(UPDATED May 12, 2026 15:52 UTC)

GameStop's unsolicited $56 billion takeover bid for eBay has been rejected, with eBay's board calling the proposal "neither credible nor attractive." The offer, which included $125 per share in cash and stock, came after GameStop submitted its nonbinding proposal on May 3, but eBay cited concerns over GameStop's acquisition financing and the operational risks of a merger. Following the rejection, GameStop's shares fell about 5% in premarket trading, while its market capitalization stands at approximately $10.4 billion compared to eBay's valuation of about $48 billion.