GameStop Makes $56 Billion Unsolicited Bid for eBay

GameStop has confirmed to BBC Business an unsolicited $56 billion offer to acquire e-commerce marketplace eBay, in a deal that would dramatically reshape the US online retail landscape.

Cohen Pitches eBay as an Amazon Challenger

GameStop CEO Ryan Cohen told the Wall Street Journal the acquisition could transform eBay into a far more formidable competitor to Amazon. Cohen argued the platform could ultimately be worth hundreds of billions of dollars under new ownership. The offer values eBay shares at $125 each. That represents a premium of roughly 20% above Friday’s closing price.

The bid is structured as a combination of cash and stock. Cohen also disclosed that GameStop has already quietly assembled a stake of approximately 5% in eBay ahead of the approach. eBay had not publicly responded to the offer at the time of BBC Business’s reporting. The BBC confirmed it had contacted the company for comment.

Financing Anchored by TD Bank Commitment

To fund the transaction, Cohen said GameStop has secured a commitment letter from TD Bank to supply around $20 billion in debt financing. That backstop gives the proposal a degree of credibility unusual for an unsolicited approach of this scale. The remaining consideration would be funded through GameStop’s own equity. GameStop holds a substantial cash reserve built up over recent years through share issuances under Cohen’s leadership.

GameStop’s Unlikely Transformation

The bid marks a striking evolution for a company once synonymous with physical video-game retail and later with the meme-stock frenzy of 2021. Cohen, who took the helm following an activist campaign, has pushed repeatedly to redeploy GameStop’s cash pile into larger strategic bets. The retailer has shed significant costs, closed stores, and built a war chest that has fuelled speculation about a major corporate move. An eBay acquisition would be by far the most ambitious step yet in that reinvention.

What Comes Next

eBay’s board will now face pressure to respond formally to the approach. Analysts will watch closely whether the company engages or moves to rebuff the offer. A deal of this size would draw intense regulatory scrutiny in both the United States and Europe. The e-commerce sector has seen consolidation accelerate, with eBay itself acquiring Depop from Etsy in a separate transaction. Whether GameStop can close a deal of this complexity remains an open question.

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