eBay stake and acquisition proposal
eBay's board rejected the $125 per share proposal in May 2026, and no binding agreement has been reported.
The numbers
What it is
GameStop made a non-binding proposal to acquire eBay for $125 per share in cash and stock, filed on May 4, 2026. Its stake in eBay grew through derivatives and was converted into about 43.4 million shares. eBay's chairman called the proposal neither credible nor attractive, citing the uncertainty around GameStop's financing.
Why it matters to the stock. The eBay position is now one of the largest assets on GameStop's balance sheet, and the proposal is the main reason the stock trades on a deal narrative rather than on store results. Any binding deal would change the company's size, financing and leadership.
News
GameStop previews Q2 net income of $290 million to $310 million, including about $238 million of eBay gains
GameStop gave preliminary second-quarter fiscal 2026 figures for the 13 weeks ended August 1, 2026.
GameStop physically settles its eBay put/call pairs, owning 43.4 million shares or 9.8%
GameStop elected on July 15, 2026 to physically settle all 39,046,658 shares underlying its eBay put/call pairs, and the settlement closed on July 17.
GameStop shareholders approve more Class A shares at July 7 annual meeting
GameStop's 2026 annual meeting was held July 7, 2026, and stockholders approved all proposals.
GameStop guides fiscal 2026 adjusted EBITDA above $600 million and updates its eBay position
In a June 26, 2026 release, GameStop gave a fiscal 2026 outlook for adjusted EBITDA of more than $600 million, against $345.4 million in fiscal 2025.
HSR condition met on GameStop's eBay pairs; direct stake lifted to about 9.0% of eBay
The Hart-Scott-Rodino condition on GameStop's eBay put/call pairs was satisfied on June 3, 2026, so the pairs could be physically settled in shares and not only in cash.
GameStop's eBay exposure reaches about 7.8% after a second Schedule 13D amendment
A second amendment to GameStop's Schedule 13D on eBay, signed May 28, 2026, put its total eBay exposure at about 7.78% of the company's shares.
GameStop lifts its eBay exposure to about 6.55% through put and call pairs
GameStop's first amendment to its Schedule 13D on eBay, signed May 19, 2026, showed 25,000 eBay shares held directly and put/call pairs covering 29,078,699 shares, about 6.55% of eBay's outstanding stock.
eBay board rejects GameStop's $125 per share proposal as neither credible nor attractive
eBay's board rejected GameStop's unsolicited, non-binding proposal and called it neither credible nor attractive.
GameStop proposes to buy eBay for $125 per share, half cash and half stock, valued near $55.5 billion
In a letter dated May 3, 2026 and disclosed in an 8-K filed May 4, GameStop proposed a non-binding deal to acquire all eBay shares it does not already own at $125 each, paid half in cash and half in GameStop stock.