eBay's board of directors has rejected GameStop's unsolicited $56 billion takeover bid. The board, in a letter to GameStop CEO Ryan Cohen dated May 12, 2026, described the proposal as 'neither credible nor attractive.' This comes after Cohen's audacious offer, announced around May 3, which envisioned a cash-and-stock deal potentially backed by up to $20 billion in financing from TD Securities.

The rejection letter, penned by eBay chairman Paul Pressler, highlighted uncertainties surrounding the financing and the potential adverse impact on eBay shareholders. GameStop, with a market value around $12 billion, proposed Cohen would lead the combined company without salary, cash bonuses, or a golden parachute. eBay shares dipped 1% to $107 pre-market, while GameStop fell 4%.

Cohen has vowed persistence, previously stating he is 'not going away' and positioning himself as 'a pain in the ass.' Speculation now centers on a possible proxy fight, though the board's stance suggests limited receptivity. On X and Reddit forums like r/Games and r/wallstreetbets, reactions range from skepticism to memes, with financing questions dominating discussions.

This development aligns with broader patterns in unsolicited bids within the retail and e-commerce sectors, where valuation disparities often prove insurmountable.