GameStop makes $56 billion unsolicited bid for eBay despite financing questions
Original: GameStop offers $56 billion for eBay, struggles to explain how it'll pay for it
Why This Matters
Major consolidation attempt in e-commerce could reshape online marketplace dynamics
GameStop offered $55.5 billion to acquire eBay, proposing to use its 1,600 US retail locations for authentication and fulfillment services. The struggling retailer faces skepticism about financing the deal, given eBay's $48 billion market cap versus GameStop's $11 billion valuation.
GameStop Chairman Ryan Cohen made an unsolicited $125-per-share offer for eBay, half cash and half stock. The proposal would leverage GameStop's retail network for item verification, fulfillment, and livestreaming services. Cohen cited eBay's underperformance and excessive marketing spending as justification. GameStop closed 470 stores in early 2026 and 590 in 2024 amid declining revenues. The company claims $9.4 billion in cash reserves and third-party financing commitments from TD Securities for up to $20 billion. Cohen would become CEO of the combined entity if successful. eBay stock rose 5% while GameStop fell 2% following the announcement.