GameStop’s unsolicited $55-56 billion cash-and-stock bid for eBay in May 2026 was rejected by the target’s board as “neither credible nor attractive,” citing financing uncertainties and the combined entity’s likely inability to secure investment-grade ratings. With GameStop’s market capitalization at roughly $12 billion versus eBay’s near $50 billion, analysts highlighted the extreme leverage required and Moody’s credit-negative assessment. Although GameStop raised its eBay stake to nearly 10 percent by July, recent reports indicate management is now weighing a commercial partnership or board seat instead of a full takeover. These developments, alongside the absence of binding commitments or regulatory progress, underpin the 93.5 percent market-implied probability of no acquisition by year-end, while a sudden shift in eBay shareholder sentiment or new financing could still alter the path.