GameStop’s Ryan Cohen Launches $56 Billion Hostile Bid for eBay

Ryan Cohen, the activist investor and chairman-CEO of GameStop, has made one of the most audacious takeover proposals in recent corporate history. On Monday, GameStop formally offered to acquire eBay in an all-in deal valued at approximately $56 billion, or $125 per share — a 20 % premium to eBay’s Friday closing price.

GameStop’s Ryan Cohen Launches Billion Hostile Bid for eBay The unsolicited bid marks the latest chapter in Cohen’s transformation of GameStop from a struggling brick-and-mortar video-game retailer into an aggressive capital allocator. GameStop has already quietly accumulated roughly 5 % of eBay’s shares since February 4, giving it a meaningful foothold.

The financing package is ambitious but credible on paper. GameStop brings $9 billion in cash to the table and has secured a $20 billion debt commitment from TD Bank. The proposed consideration is split 50/50 between cash and newly issued GameStop stock.

Even with that mix, the deal would require GameStop — currently valued at just $12 billion — to issue a massive slug of equity, pushing its post-deal market cap well above $100 billion if the transaction closes.

GameStop’s Ryan Cohen Launches Billion Hostile Bid for eBay Wall Street Journal sources familiar with the matter say Cohen is actively courting Middle Eastern sovereign wealth funds to help bridge any remaining valuation gap. eBay’s pre-bid market capitalization stood at roughly $46 billion.

Cohen is making it clear he is prepared to play hardball. In a letter to eBay’s board, he signaled readiness for a proxy fight if the directors reject the offer. However, the window for nominating directors ahead of eBay’s June shareholder meeting has already closed, meaning any battle would likely spill into next year’s annual meeting or take the form of a public pressure campaign.

The personal economics for Cohen are extraordinary. Earlier this year he revised his compensation package to include potential awards of up to $35 billion in GameStop stock — but only if the company’s market capitalization reaches $100 billion. An eBay acquisition is the single fastest route to that threshold; organic growth in the legacy video-game retail business simply cannot deliver such numbers.

GameStop’s Ryan Cohen Launches Billion Hostile Bid for eBay In his communications, Cohen has made no secret of his belief that eBay is dramatically undervalued.

He argues the company — which dominates online marketplace commerce — should be worth hundreds of billions of dollars under the right leadership and strategic execution. The offer implicitly positions GameStop as the vehicle that can unlock that value.

eBay has not yet issued a formal response. Its board is expected to review the proposal in the coming days. Analysts note that while the premium is attractive, eBay’s directors will almost certainly push back on the massive stock component and question whether GameStop — whose core business remains far smaller — has the operational expertise to run a global e-commerce platform.

GameStop’s Ryan Cohen Launches Billion Hostile Bid for eBay Regardless of the outcome, the bid instantly reshapes the narrative around both companies. For GameStop, it signals Cohen’s willingness to swing for the fences. For eBay, it forces a public reckoning with its valuation and strategic direction.

The market’s reaction was immediate and volatile: GameStop shares surged on the announcement, while eBay stock jumped toward the offered price but remains well below Cohen’s stated long-term vision.

Whether this becomes the opening salvo of a prolonged and messy takeover battle — or the opening bid in what eventually becomes a negotiated merger — will be one of the most closely watched corporate dramas of 2026.