GameStop proposes to acquire eBay at $125 per share in cash, stock

GameStop (GME) submitted a non-binding proposal to acquire 100% of eBay (EBAY) at $125.00 per share in cash and stock. GameStop has built a 5% economic stake in eBay through derivatives and beneficial ownership of common stock. GameStop is filing a Schedule 13D and HSR notification tomorrow. The proposed offer is $125.00 per share, comprising 50% cash and 50% GameStop common stock, with full shareholder election rights as to consideration type and pro-rata allocation. Aggregate undiluted equity value is approximately $55.5B, based on eBay’s most recently disclosed undiluted share count, representing a 27% premium to the 30-day VWAP and a 36% premium to the 90-day VWAP. The transaction is conditioned on customary closing conditions. The cash consideration is expected to be funded from a combination of cash and liquid investments on GameStop’s balance sheet, which totaled about $9.4B as of January 31, 2026, and third-party acquisition financing, in respect of which GameStop has received a highly-confident letter from TD Securities for up to $20B. Following close, Ryan Cohen will serve as Chief Executive Officer of the combined company.