TLDR
- GameStop reaffirmed its commitment to acquiring eBay despite the e-commerce company’s rejection of its ~$56 billion cash-and-stock offer
- CEO Ryan Cohen first made the unsolicited bid in May, arguing a combined company would better compete with Amazon
- GameStop said “additional materials regarding the proposed transaction are forthcoming”
- GME stock closed up 3.57% at $21.76 on Friday, adding another 1.96% to $22.19 in after-hours trading
- GameStop projects adjusted EBITDA of more than $600 million in fiscal 2026, up from $345.4 million in fiscal 2025
GameStop isn’t taking no for an answer.
The videogame retailer filed a regulatory update on Friday reaffirming its plan to acquire eBay, even after the e-commerce company rejected its unsolicited offer. GME stock closed up 3.57% at $21.76 on Friday and added another 1.96% in after-hours trading to reach $22.19.
The offer, first made in May by CEO Ryan Cohen, values eBay at roughly $56 billion — a company about five times GameStop’s size. eBay rejected it that same month.
GameStop’s Friday filing was brief. It stated the “leadership team remains focused on advancing the proposed acquisition of eBay” and that “additional materials regarding the proposed transaction are forthcoming.” No timeline or new details were provided.
Earlier this week, GameStop had promised a detailed presentation laying out the strategic rationale and operational plan for a combined company. That presentation has not yet been released.
Cohen’s argument has been consistent: merging the two platforms would create a more serious rival to Amazon. He has also said he would run the combined entity himself.
eBay did not respond to requests for comment on Friday.
GameStop’s Earnings Picture
Alongside the acquisition update, GameStop gave investors a look at its 2026 outlook. The company projects adjusted EBITDA of more than $600 million for fiscal 2026, nearly double the $345.4 million it posted in fiscal 2025.
Earlier this month, GameStop reported the most profitable quarter in its history — net income of $389.6 million on revenue of $835.3 million, a 14% increase year over year.
That financial strength appears to be part of Cohen’s pitch. A stronger balance sheet gives GameStop more credibility when making a bid for a company as large as eBay.
Still, prediction market platform Polymarket has the deal closing at just 16% odds, with concerns around dilution being a key sticking point for skeptics.
What Comes Next
GameStop has yet to release the detailed presentation it promised earlier in the week.
The company has not outlined what form a renewed offer might take, or whether it plans to take the bid directly to eBay stockholders.
For now, the regulatory filing is the extent of GameStop’s public position — a firm statement that the deal is still on the table, with more to come.
GameStop is currently ranked in the 96th percentile for Growth according to Benzinga Edge Rankings, despite posting negative returns across short, medium, and long-term timeframes.
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