Last week, GameStop, very much out of the blue, announced its intention to acquire eBay for $56 billion. Today, eBay announced its decision, rejecting GameStop’s offer.

eBay chairman Paul Pressler said GameStop’s bid to take over the company was “neither attractive nor credible” pic.twitter.com/JCuoM7QlKt

— GameSpot (@GameSpot) May 12, 2026

This comes following eBay’s thorough review with the support of its financial and legal advisors. In the end, eBay’s Board of Directors have made the determination to reject GameStop’s unsolicited, non-binding acquisition proposal.

The letter, written by the Chairman of the Board of Director, Paul. S. Pressler, reads:

“Dear Mr. Cohen,

The Board, with the support of its independent advisors, has throughly reviewed your proposal and has determined to reject it.

We have concluded that your proposal is neither credible nor attractive. We have taken into account such factors as 1) eBay’s standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay’s long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop’s governance and executive incentives.

eBay is a strong, resilient business that has delivered meaningful results over the past several years. We have sharpened our strategic focus, strengthened execution, enhanced our marketplace and seller experience, and consistently returned capital to shareholders. With its differentiated global marketplace and a clear strategy, eBay’s Board is confident that the company, under its current management team, is well-positioned to continue to drive sustainable growth, execute with discipline, and deliver long-term value for our shareholders.

Our team remains focused on executing our strategy and driving our business forward in the best interests of the company, our shareholders, our employees, and millions of buyers and sellers around the world.”

GameStop claimed that they have secured $20 billion in debt financing but the CEO has remained silent on where the rest of the money would come from to finance the deal. GameStop’s CEO also said that he would talk directly to the shareholders if the offer was turned down.