GameStop launches $55.5B unsolicited takeover bid for eBay at $125/share

GameStop CEO Ryan Cohen announced on May 3-4 a $55.5 billion ($125/share) unsolicited takeover offer for eBay, backed by $20 billion in debt financing from TD Securities. GameStop holds a 5% stake in eBay. The offer is roughly half-cash, half-stock. GameStop's market cap is approximately $12 billion versus eBay's $46 billion, making this an ambitious pursuit of a company nearly four times its size. Cohen claims he would replicate his cost-cutting playbook (targeting $2B in annual savings) and leverage GameStop's ~1,600 physical stores. eBay's stock rose 6% to $110, remaining below the $125 offer price. The bid follows eBay's acquisition of Depop from Etsy for $1.2 billion in February 2026. Cohen has threatened a hostile bid if eBay's board declines.