Online marketplace eBay has publicly rejected an acquisition offer from GameStop’s CEO that would have seen the retailer attempt to purchase the company.
“We have concluded that your proposal is neither credible nor attractive,” said Paul Pressler, eBay’s chairman of its board of directors, in a formal response.
Nine days prior, GameStop CEO Ryan Cohen submitted a proposal to acquire all of eBay, which made about as much in sales during its most recent fiscal quarter as the retail chain did in its most recent full fiscal year. Furthermore, eBay’s market value is about four times larger than that of GameStop.
In a televised interview with CNBC the morning of May 4, Cohen said that “eBay could be making a lot more money.” He also said that “there’s going to be some leverage on the balance sheet in order to make an acquisition possible.” However, he did not specify how GameStop would account for its lack of required funds to complete the acquisition.
Instead, he said eBay has “a lot of fat to cut.” He claimed, without providing evidence or a strategy, that eBay could double its earnings “in a short period of time.”
GameStop is No. 81 in the Top 2000 Database (down from No. 55 last year). That database ranks North America’s largest online retailers by their annual, global ecommerce sales. GameStop’s online sales decreased 26% year over year in 2025.
Meanwhile, eBay ranks No. 6 in Digital Commerce 360’s Global Online Marketplaces Database. The database ranks the 100 largest such marketplaces by third-party gross merchandise value (GMV). EBay reported 17% revenue growth and 14% gross merchandise value (GMV) growth year over year in its fiscal Q1 2026. Its GMV reached $22.2 billion.
Why eBay rejected an acquisition attempt by GameStop
EBay said its board of directors “thoroughly reviewed” the acquisition offer from GameStop.
From there, eBay “has determined to reject GameStop’s unsolicited, non-binding acquisition proposal.” It said it did so with support from the online marketplace’s financial and legal advisors.
In a letter to Cohen, Pressler noted six reasons eBay has rejected the offer:
- eBay’s “standalone prospects.”
- “The uncertainty” regarding GameStop’s financing proposal.
That proposal valued eBay at about $55.5 billion. However, GameStop’s proposal accounted for less than $30 billion in funding. - The impact of GameStop’s proposal on eBay’s long-term growth and profitability.
- The leverage, operational risks and leadership structure of a combined entity.
- The resulting implications of the above factors on valuation.
- GameStop’s governance and executive incentives.
“eBay is a strong, resilient business that has delivered meaningful results over the past several years,” Pressler wrote. “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.”
EBay has grown its revenue since a post-pandemic drop in 2022. At its lowest point since spiking sales during the pandemic, eBay reported $2.38 billion in quarterly revenue during its fiscal Q3 2022. In eBay’s most recent quarter, which ended March 31, it set a record-high $3.09 billion in revenue. Its gross merchandise volume (GMV) grew 14% year over year to reach $22.2 billion.
Also in the quarter, eBay reached an agreement to acquire the Depop marketplace from Etsy for $1.2 billion in cash.
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