GameStop floats unsolicited $56B bid for eBay with hazy financing plan

GameStop chairman Ryan Cohen sent an unsolicited offer to acquire eBay for $55.5 billion, despite eBay’s market cap being more than four times GameStop’s. The proposal pitches GameStop’s roughly 1,600 US retail locations as a built-in network for item authentication, fulfillment, and live-commerce broadcasting studios, with staff inspecting and grading listings before they go up on eBay.

Financing is the obvious problem. GameStop says it will cover the deal through a mix of cash, stock, and debt financing it has yet to secure, and markets reacted accordingly: GameStop’s shares slipped while eBay’s rose. The retailer has been shrinking, closing 590 US stores in 2024 and another 470 in early 2026, raising further questions about whether the smaller, contracting company can credibly absorb a far larger one.

Cohen, who owns about 9% of GameStop and draws no salary, would run the combined entity if the deal closed and says his compensation would be tied entirely to post-merger performance. eBay has not publicly responded.