GameStop Proposes $125 Per Share Offer for 5% Stake in eBay

Video game retailer GameStop Corp. (GME) recently disclosed in a regulatory filing that it holds common shares of eBay Inc. (EBAY) outright and has, via a structure of put and call options, secured an economic interest equivalent to roughly 5% of eBay’s outstanding stock. GameStop also submitted a non-binding proposal to acquire all issued eBay shares at $125 per share—approximately KRW 170,000—paid in a mix of cash and GameStop stock. On May 4, eBay characterized the offer as unsolicited and not previously discussed, advising shareholders to take no action until its board, together with financial and legal advisors, could assess the proposal’s value and the certainty of GameStop’s stock consideration. Simultaneously, eBay reaffirmed its commitment to execute its existing strategy without deviation, focusing on sustainable growth and long-term shareholder value.

On May 12, eBay’s board unanimously rejected GameStop’s roughly $56 billion (KRW 70–80 trillion) proposal as neither credible nor compelling, while GameStop signaled it may pursue further shareholder outreach. () In its first-quarter 2026 results released that month, eBay reported growth in net income and earnings per share and continued its share repurchase program and quarterly dividend, underscoring its independent path. ()

eBay Inc. is a leading U.S. online marketplace connecting individuals and small sellers worldwide, built on transaction fees and advertising revenue. It has recently been diversifying payment options and enhancing its authenticated resale platform. () GameStop Corp., once known for its brick-and-mortar video game stores, is transforming into a digital and e-commerce–focused company and is noted for its aggressive financial strategies and shareholder activism. This bid has drawn attention to the potential for structural shifts in the U.S. retail and e-commerce sectors. ()