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GameStop has made an unsolicited <a href="https://investor.gamestop.com/news-releases/news-details/2026/GameStop-Proposes-to-Acquire-eBay-at-125-00-Per-Share/" target="_blank" rel="noopener">$55.5 billion bid</a> to acquire eBay. The news comes from a press release from the video game retailer. The non-binding offer: $125 per share. Half cash, half stock. That&#x27;s a 46% premium to eBay&#x27;s share price. GameStop&#x27;s already holding a 5% stake. CEO Ryan Cohen&#x27;s making a big bet. He wants to transform GameStop from a struggling brick-and-mortar chain into a major online marketplace player.
How&#x27;s GameStop financing this? $9.4 billion in cash and liquid investments. Plus up to $20 billion in third-party financing from TD Securities. The company&#x27;s projecting $2 billion in annual cost savings within a year of closing. They&#x27;ll cut what they&#x27;re calling inefficient spending at eBay. GameStop pointed to eBay&#x27;s $2.4 billion in sales and marketing expenses in 2025. The platform added only about one million net active buyers during that period.
The strategy? Integrate eBay&#x27;s marketplace into GameStop&#x27;s 1,600 U.S. retail locations. They&#x27;d become hubs for authentication, intake, fulfillment, and live commerce. &quot;eBay is under-valued and could be worth &#x27;hundreds of billions of dollars,&#x27;&quot; Cohen said in the company&#x27;s statement.
eBay confirmed receipt of the proposal. But they haven&#x27;t engaged in discussions with GameStop. &quot;Shareholders currently need not act,&quot; the company said.
The bid caps a remarkable turnaround at GameStop under Cohen&#x27;s leadership. He&#x27;s slashed selling, general, and administrative costs by 47%. The company went from a $381 million loss in 2021 to $418 million in net income in 2025. Cohen owns 9% of GameStop. He takes no salary. He could reportedly earn stock options worth up to $35 billion. The conditions? GameStop&#x27;s market cap hits $100 billion with sufficient profitability.
The acquisition attempt puts pressure on eBay&#x27;s management. They&#x27;ll need to address concerns over spending efficiency and growth metrics. The deal would dramatically reshape GameStop&#x27;s business model. It&#x27;s a test. Can an activist CEO unlock perceived value in a legacy e-commerce platform? Cohen&#x27;s betting on aggressive cost-cutting and physical retail integration. Market reactions have been mixed. GameStop shares are showing volatility. eBay&#x27;s stock has risen on takeover speculation.

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GameStop Proposes Massive $55.5 Billion Takeover of eBay

GameStop makes unsolicited $55.5B bid for eBay at $125/share. Ryan Cohen aims to transform retailer into e-commerce giant. eBay confirms receipt.