Revision History

GameStop has made an unsolicited $55.5 billion cash-and-stock offer to acquire eBay at $125 per share, a 46% premium, as CEO Ryan Cohen bets he can transform the combined companies into a retail giant. The bid arrives as eBay touts a turnaround built on enthusiast verticals and AI, but critics argue that $23 billion in share buybacks since 2019 has masked flat organic growth and a shrinking active buyer base — raising hard questions about what any acquirer would actually be buying.