eBay Rejects Unsolicited Proposal from GameStop

eBay Inc. today announced that, following a thorough review with the support of its financial and legal advisors, the company's Board of Directors has determined to reject GameStop's unsolicited, non-binding acquisition proposal.

eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced that, following a thorough review with the support of its financial and legal advisors, the company's Board of Directors has determined to reject GameStop's unsolicited, non-binding acquisition proposal.

The full text of the eBay Board's response letter to GameStop CEO, Ryan Cohen, is set forth below:

Dear Mr. Cohen,

The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it.

We have concluded that your proposal is neither credible nor attractive. We have taken into account such factors as 1) eBay's standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay's long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop's governance and executive incentives.

eBay is a strong, resilient business that has delivered meaningful results over the past several years. We have sharpened our strategic focus, strengthened execution, enhanced our marketplace and seller experience, and consistently returned capital to shareholders. With its differentiated global marketplace and a clear strategy, eBay's Board is confident that the company, under its current management team, is well-positioned to continue to drive sustainable growth, execute with discipline, and deliver long-term value for our shareholders.

Our team remains focused on executing our strategy and driving our business forward in the best interests of the company, our shareholders, our employees, and millions of buyers and sellers around the world.

Sincerely,

/s/ Paul S. Pressler

Paul S. Pressler
Chairman of the Board of Directors, eBay

On 4 May 2026, eBay confirmed that an approach had been made by GameStop, publishing the following statement:

eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today confirmed that it has received an unsolicited, non-binding acquisition proposal from GameStop. eBay had no discussions with or outreach from GameStop prior to receiving the proposal.

eBay's Board of Directors, in consultation with its financial and legal advisors, will carefully review and consider the unsolicited proposal to determine the course of action that it believes is in the best interests of the company and all eBay shareholders. eBay shareholders are advised to take no action at this time.

The Board will review this proposal with a focus on the value to be delivered to eBay shareholders, including the value of the GameStop stock consideration and the ability of GameStop to deliver a binding, actionable proposal.

With 135 million buyers across 190 markets, eBay operates a global, scaled marketplace that requires disciplined execution, deep domain expertise, and ongoing investment in innovation. Indeed, the eBay Board and leadership team are executing a focused strategy to drive sustainable growth and long-term shareholder value. This strategy is delivering results as demonstrated by the company's full year 2025 results and recent first quarter 2026 earnings. eBay continues to deliver value for the millions of buyers and sellers on its platform.

Until the Board has further carefully and thoroughly considered the proposal, the company does not intend to comment further at this time.

Source : eBay

Image : George Sheldon / Shutterstock / 769619905

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