GameStop escalates eBay takeover bid with 9.8% stake as Cohen pledges to proceed
CEO Ryan Cohen invests $500 million of personal capital and cites banker confidence despite eBay board’s initial rejection of the proposal.
Videogame retailer GameStop has increased its holding in e-commerce company eBay to 9.8%, a regulatory filing lodged on 17 July 2026 confirmed. The stake represents 43.4 million shares, a significant escalation from the 5% economic interest reported in early May. The move signals GameStop’s determination to pursue its unsolicited $56 billion acquisition offer, despite eBay’s board previously dismissing the proposal as neither credible nor attractive.
In a separate filing on Friday, GameStop chief executive officer Ryan Cohen stated the company is proceeding with the takeover one way or another. The filing transcribed an interview with Bloomberg Television in which Cohen affirmed his intent to push ahead with the transaction. He noted that GameStop shareholders recently approved an increase in the company’s authorized share count, providing greater financial flexibility for the deal.
Over recent weeks, GameStop converted its previous economic stake, which was held via derivatives, into common shares. The company purchased 3.5 million eBay shares for approximately $381 million last month and settled 39 million shares from put and call pairs on Friday. Cohen also disclosed that he has invested $500 million of his own capital into the transaction.
When GameStop first proposed the acquisition in early May, Cohen argued that the combined entity would form a stronger competitor to Amazon. eBay’s board rejected the cash and stock offer, but Cohen has maintained that the strategic rationale remains sound. He cited a highly confident letter from the company’s bankers and expressed interest from other parties, countering concerns raised by Wall Street analysts regarding the financing structure.
The proposed deal relies heavily on a non-binding commitment letter from TD Securities for up to $20 billion in debt. This financing is contingent on the combined company achieving an investment-grade credit rating. When asked by Bloomberg Television whether he would raise his offer, Cohen said he would not negotiate against himself, leaving the outcome of the bid uncertain as eBay has not agreed to the terms.
