SAN JOSE, Calif. — eBay Inc. on Tuesday formally rejected GameStop Corp.'s unsolicited $56 billion takeover offer, calling the proposal from the meme-stock-fueled video game retailer "neither credible nor attractive" in a sharply worded letter to GameStop Executive Chairman Ryan Cohen. The swift dismissal ends — at least for now — one of the most audacious corporate power plays in recent memory, with eBay's board citing deep concerns over financing, operational risks and governance.

In a public letter signed by eBay Chairman Paul S. Pressler and released via press release, the board said it had conducted a thorough review with independent financial and legal advisers before unanimously deciding to turn down the bid. The offer valued eBay at roughly $125 per share in a half-cash, half-stock transaction — a 20% premium to recent trading levels but one the board deemed unrealistic given GameStop's smaller size and funding uncertainties.

"eBay is a strong, resilient business with a clear strategy and a proven track record of delivering value for shareholders," Pressler wrote. The letter outlined six specific reasons for rejection, including doubts about GameStop's ability to finance the massive deal, potential harm to eBay's long-term growth, high leverage risks in a combined company, and questions about GameStop's leadership structure and executive incentives.

The Bold Bid That Shocked Wall Street

GameStop first disclosed its non-binding proposal on May 3, 2026, offering to acquire the much larger e-commerce marketplace in a deal valued at approximately $55.5........

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