GameStop’s $56 Billion eBay Bid Raises Questions Over Funding Plan

Mon, 04 May 2026 23:06:00 +0200

GameStop has proposed an unsolicited $56 billion acquisition of eBay, offering $125 per share in a deal that is roughly half cash and half stock. The gaming‑retail company, valued at only about $12 billion, is attempting to buy eBay, which carries a market capitalization several times larger, making the bid unusually ambitious and raising immediate concerns about how the deal would be financed. GameStop’s CEO, Ryan Cohen, outlined the proposal in an open letter and subsequent media appearances, but struggled to clearly explain the financial mechanics during a CNBC interview.

Cohen cited roughly $9.4 billion in GameStop’s cash and liquid investments, plus a non‑binding ‘highly confident’ financing commitment of up to $20 billion from TD Securities. He repeatedly stated the structure is “half cash, half stock” and pointed to supporting documents on GameStop’s website, but did not fill in the remaining gap that analysts put at roughly $16–20 billion. When pressed on the exact funding sou