GameStop Proposes $55.5 Billion eBay Acquisition
GameStop has unveiled a non-binding $55.5 billion proposal to acquire eBay at $125 per share, a 46% premium over eBays February 4, 2026, closing price. The offer combines cash and stock in equal amounts and would install Ryan Cohen as Chief Executive Officer of the combined retailer. GameStop has already accumulated a 5% economic stake in eBay through derivatives and direct stock ownership. The $125 Premium Behind the GameStop Offer The Texas-based retailer plans to file a Schedule 13D and Hart-Scott-Rodino notification this week. The 46% premium tracks to February 4, when GameStop quietly began building its eBay stock position. GameStop holds roughly $9.4 billion in cash and liquid investments. That figure includes its Bitcoin reserves accumulated over the past year. TD Securities issued a highly confident letter of credit for up to $20 billion in third-party financing. The offer values eBay (EBAY) at a 27% premium to its 30-day VWAP and a 36% premium to its 90-day average. Shareholders would have the right to elect between cash and GameStop common stock. The transaction is conditioned on customary closing conditions. Where Cohen Wants to Cut The proposal targets $2 billion in annualized cost reductions within twelve months of closing. Roughly $1.2 billion would come from sales and