GameStop’s unsolicited $56 billion cash-and-stock bid for eBay was rejected by the target’s board in May 2026 as neither credible nor attractive, citing financing doubts and execution risks for a far smaller acquirer. Traders assign a 94.5% market-implied probability to no deal occurring, reflecting the persistent size disparity, eBay’s independent turnaround momentum, and GameStop’s reliance on a $4.9 billion stake plus expiring warrants that require a sharp share-price increase for meaningful additional capital. Recent quarterly results show GameStop improving adjusted EBITDA and shifting toward higher-margin collectibles, yet no binding offer or proxy contest has advanced. A successful hostile campaign or revised terms could still reopen the possibility before year-end.