eBay has firmly shut the door on GameStop CEO Ryan Cohen’s unsolicited bid to buy the online marketplace, dismissing the proposal as “neither credible” nor appealing. After several days of review involving eBay’s board and its financial and legal advisors, the company made its stance clear: it isn’t for sale, and it doesn’t see Cohen’s offer as a realistic path forward.
In a letter sent to Cohen and later made public, eBay emphasized that it believes it’s performing strongly on its own and doesn’t need outside help to succeed. The board pointed to years of progress, highlighting tighter strategic focus, improved execution, marketplace upgrades, a better seller experience, and consistent returns of capital to shareholders. In eBay’s view, its current leadership and strategy are already positioned to deliver sustainable growth and long-term shareholder value—making a sale unnecessary.
A major sticking point for eBay was the financial structure behind the proposed takeover. The company signaled concern that merging the two businesses would pile on too much debt and increase risk, something that can rattle investors—especially in a market where balance-sheet strength matters. The deal’s reliance on large-scale borrowing added to the board’s skepticism, and the letter conveyed that the numbers simply didn’t inspire confidence.
Still, Cohen is not backing down. He has publicly doubled down on his desire to acquire eBay, insisting that resistance only fuels his determination. In comments to the Financial Times, he framed himself as relentless, saying he won’t go away and describing himself as “a pain in the ass.” In other words, eBay’s rejection appears to have escalated the dispute rather than ended it.
Here’s what the proposed deal looked like on paper: GameStop offered eBay shareholders $125 per share, described as about a 20% premium at the time. The offer was split evenly between cash and newly issued GameStop stock. Under that structure, eBay shareholders would end up owning roughly 70% of the combined company, while Cohen would take the CEO role.
Funding was another focal point. GameStop reportedly planned to cover the $28 billion cash portion with $9 billion from its own liquidated cash holdings and $20 billion in debt financing arranged through TD Securities. That heavy debt component was central to eBay’s concerns, since it would increase leverage and potentially introduce instability for shareholders of both companies.
For now, eBay’s message is straightforward: it believes it’s thriving, it sees the bid as unconvincing, and it has no intention of selling. Cohen’s message is just as blunt: he’s still coming—and he’s not taking “no” as the final answer.
