GameStop Makes a Bid to Buy eBay in Wild $55.5 Billion Power Move

Things just got seriously interesting in the world of gaming and online retail. GameStop has made a massive, unsolicited bid to acquire eBay.

On Sunday, GameStop revealed it had submitted a nonbinding proposal to purchase 100% of eBay for $125 per share. The offer is split evenly between cash and GameStop stock, putting the total valuation at around $55.5 billion. That’s not pocket change.

By Monday morning, eBay acknowledged the offer and said it would “carefully review and consider” what’s on the table.

Investors reacted quickly. eBay shares jumped over 4% following the news, while GameStop stock dipped nearly 5% in early trading. That split reaction pretty much sums up the situation.

Here’s where things get tricky. GameStop’s current market cap sits below $12 billion, which is nowhere near the size of the proposed deal. Even with $20 billion in committed financing from TD Bank and $9.4 billion in cash and liquid investments reported earlier this year, there’s still a noticeable gap to bridge.

GameStop CEO Ryan Cohen addressed the situation during an appearance on Squawk Box, though he didn’t exactly clear everything up. According to reports, the interview got a bit tense at times, with Cohen deflecting detailed questions.

Cohen said on CNBC, “We are offering half cash, half stock, and we have the ability to issue stock in order to get the deal done. But the full details of the offer are on our website.” He added: “We will see what happens.”

Not exactly a step-by-step breakdown, but it shows GameStop is at least confident enough to swing big.

Another interesting detail is that GameStop has already built a 5% economic stake in eBay through derivatives and stock ownership. That suggests this idea has been in the works for a while.

Cohen has been steering GameStop since 2021, and under his leadership, the company has pulled off a pretty dramatic turnaround. It went from a $381 million loss in fiscal 2021 to a $418 million net income in 2025.

He personally owns about 9% of the company and doesn’t take a salary, bonuses, or a golden parachute. If this deal somehow goes through, he’d lead the combined company and only be paid based on performance.

Still, the big question remains. Can GameStop actually pull this off? Right now, the market seems unsure. eBay stock hovering below the offer price signals doubt that this deal will close. The financing puzzle isn’t fully solved, and the structure raises more questions than answers.

But one thing is clear. GameStop isn’t playing it safe. Whether this turns into a historic acquisition or just a crazy footnote, it’s already one of the most fascinating stories in the business side of geek culture this year.

Source: Variety