Well, that didn't take long. eBay Inc. (eBay (EBAY)) has officially told GameStop Corp. (GameStop (GME)) to take its $56 billion buyout offer and go home. In a blunt letter sent Tuesday, eBay's board dismissed the proposal as “neither credible nor attractive,” putting an end—at least for now—to one of the most audacious takeover attempts in recent memory.
The rejection came after days of social media theatrics and market speculation, with GameStop CEO Ryan Cohen publicly criticizing eBay's workforce and culture. But when it came time for a formal response, eBay Chairman Paul S. Pressler didn't mince words. In a letter addressed directly to Cohen, Pressler explained that the board, with the help of financial and legal advisors, had thoroughly reviewed the bid and unanimously decided to reject it.
“The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it,” the letter stated. “We have concluded that your proposal is neither credible nor attractive.”
The board's concerns went beyond just the price tag. eBay pointed to “uncertainty regarding your financing proposal” and flagged the “leverage, operational risks, and leadership structure of a combined entity” as major red flags. In other words, eBay isn't convinced GameStop has the money or the plan to pull this off without creating a mess.
GameStop did not immediately respond to requests for comment.
Questioning GameStop's Governance
eBay didn't stop at financial feasibility. The board also took aim at GameStop's internal operations, noting that its decision factored in “GameStop's governance and executive incentives.” That's a sharp corporate rebuke to Cohen, who has spent the past week publicly criticizing eBay's size and culture on social media. It seems the feeling is mutual.
eBay's Standalone Confidence
In shutting the door on the merger, eBay made it clear it believes its future is brighter on its own. The company emphasized its “differentiated global marketplace” and recent successes in sharpening its focus and returning capital to shareholders.
“eBay is a strong, resilient business that has delivered meaningful results over the past several years,” Pressler wrote. He added that the board is “highly confident” the company, under its current management, is “well-positioned to continue to drive sustainable growth, execute with discipline, and deliver long-term value.”
The definitive rejection leaves the ball in GameStop's court. Cohen now faces a choice: escalate the situation—perhaps by taking the bid directly to shareholders or going hostile—or walk away from the multibillion-dollar proposal.
How eBay Stock Has Performed in 2026
eBay's stock has been on a tear this year. Shares of EBAY have surged 24.14% year-to-date, outpacing the Nasdaq Composite's 13.08% gain. The stock closed Monday at $108.13, up 0.44%, and was trading 0.28% lower in premarket Tuesday. Over the past month, EBAY is up 13.34%, and over six months, it's gained 23.92%. Market data indicates the stock maintains a strong price trend in the short, medium, and long terms, though its growth ranking is poor.
For now, eBay seems happy to keep doing its own thing—and its shareholders appear to agree.
