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Adam Back

<p><strong>GameStop has submitted an unsolicited, non-binding proposal to acquire eBay for $125 per share.&nbsp;</strong></p>
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   <li>GameStop offered $125 per eBay share, valuing the unsolicited takeover proposal at about $55.5 billion.</li>
   <li>Ryan Cohen would lead the combined company if GameStop’s cash-and-stock acquisition proposal for eBay succeeds.</li>
   <li>GameStop says $2 billion in yearly cost cuts could come within twelve months of closing.</li>
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<p>The <a href="https://investor.gamestop.com/news-releases/news-details/2026/GameStop-Proposes-to-Acquire-eBay-at-125-00-Per-Share/default.aspx" rel="noopener noreferrer nofollow">proposed</a> deal values eBay at about $55.5 billion on an undiluted equity basis. Meanwhile, the offer would use 50% cash and 50% GameStop stock. GameStop said the price represents a 46% premium to eBay’s unaffected closing price on February 4, when it began building its position.</p>
<p>GameStop also disclosed a 5% economic stake in eBay through derivatives and common stock ownership. The company said it planned to file a Schedule 13D and Hart-Scott-Rodino notification.</p>
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<p>The proposal would place Ryan Cohen as chief executive of the combined company after closing. GameStop said Cohen owns about 9% of the company and receives no salary, cash bonuses, or golden parachute.</p>
<h2 class="wp-block-heading" id="strong-cost-cuts-form-key-part-of-takeover-plan-strong"><strong>Cost cuts form key part of takeover plan</strong></h2>
<p>GameStop said it could deliver about $2 billion in yearly cost cuts within twelve months of closing. It pointed to sales and marketing, product development, and administrative expenses as target areas.</p>
<p>The company questioned eBay’s marketing spend after eBay <a href="https://investors.ebayinc.com/investor-news/press-release-details/2026/eBay-Inc--Reports-Fourth-Quarter-and-Full-Year-2025-Results/default.aspx" rel="noopener noreferrer nofollow">spent</a> $2.4 billion on sales and marketing in fiscal 2025. GameStop said, “More spend is not producing more users” on a widely known marketplace.</p>
<p>Moreover, GameStop said it would fund the cash portion through balance sheet resources and outside financing. The company reported about $9.4 billion in cash and liquid investments as of January 31, 2026.</p>
<p>It also said TD Securities provided a highly confident letter for up to $20 billion in acquisition financing. Still, the proposal remains subject to financing, regulatory approval, shareholder approval, and a final agreement.</p>
<h2 class="wp-block-heading" id="strong-bitcoin-strategy-adds-another-market-angle-strong"><strong>Bitcoin strategy adds another market angle</strong></h2>
<p>GameStop’s bid follows its wider shift beyond legacy retail. Crypto.news <a href="https://crypto.news/gamestop-says-bitcoin-position-remains-in-place-under-coinbase-deal/" rel="noopener noreferrer nofollow">reported</a> earlier that the company kept exposure to 4,709 BTC through a Coinbase Credit covered-call arrangement rather than selling the Bitcoin outright.</p>
<p>Crypto.news also reported in February that Cohen was <a href="https://crypto.news/gamestop-stock-ceo-pursues-monumental-project/" rel="noopener noreferrer nofollow">pursuing</a> a “major acquisition” and had described the approach as “genius or totally, totally foolish.” The eBay proposal now gives that strategy a named target.</p>
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GameStop targets eBay in $55.5B deal as Cohen takes aim

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