GameStop has announced a formal offer to acquire eBay for $56 billion , in a move aimed at turning the platform into a “ legitimate competitor to Amazon ,” CEO Ryan Cohen told the Wall Street Journal . The offer is worth $125 per share, offering a 20% premium to the stock’s previous closing price of $104.07. The unsolicited offer represents one of the largest proposed takeovers in the e-commerce sector in recent years.
See also: Roaring Kitty: Loses Millions After GameStop Stock Price Drop
eBay said Monday it would “carefully review” the unsolicited offer, adding that it had “nodiscussions or communications with GameStop” before accepting the offer. The move is part of Cohen’s strategy to transform GameStop from a traditional video game retailer into a major e-commerce player. The lack of prior negotiations suggests GameStop has chosen an aggressive approach, similar to those used by activist investors to pressure merger targets.
GameStop plans to finance the acquisition using $9.4 billion from the company’s balance sheet and third-party financing, including up to $20 billion from TD Securities. The company did not specify how it would finance the rest of the acquisition, but sources indicated that Cohen could seek outside investors, such as Middle Eastern sovereign funds, to back the deal. The financing gap of about $26.6 billion is a significant challenge that will determine the feasibility of the proposal.
See also: GameStop: Opens retro stores that will sell classic consoles
Ryan Cohen has a strong incentive to grow GameStop, which was at the center of the memestock craze in 2021. Under his new compensation package, Cohen could earn up to $35 billion if the company hits specific financial goals, such as reaching a market capitalization of $100 billion. “eBay should be worth — and will be worth — a lot more money,” Cohen told the WSJ. “I’m thinking about turning eBay into something that’s worth hundreds of billions of dollars.”
The Wall Street Journal reports that Cohen is prepared to launch a proxy fight to acquire eBay if the company doesn't accept the offer. The tactic would allow him to bypass eBay's board of directors and address shareholders directly. The strategy reflects Cohen's experience from previous investment moves and his determination to transform GameStop into an omnichannel company that combines physical stores with a strong online presence.
GameStop is facing significant challenges in its traditional business. Over the past year, the company has closed more than 700 stores across the U.S. as spending on physical games has continued to decline. As of January 2026, GameStop operates 1,598 stores in the U.S. Despite efforts to offset this shift by focusing on trading cards and collectibles, the company's revenue fell 14% in the fourth quarter of 2025. The shift to digital gaming and cloud-based services has eroded the company's traditional business model.
See also: eBay extended outage: Rumors of DDoS attack
A successful deal could consolidate the resale and collectibles businesses under GameStop, boosting margins and the scale to take on Amazon. However, it requires approval from eBay's board of directors and regulators, and there are financing risks due to GameStop's overvaluation. Combining the two platforms could also create significant synergies in the collectibles and gaming merchandise space, where both companies have strong presences.
