EBAY
GME
GameStop’s newest hobby: M&A
GameStop woke up and chose violence — corporate-style. The company says it has submitted a non-binding proposal to acquire 100% of eBay in a cash-and-stock deal priced at $125 per share, a juicy 46% premium to eBay’s unaffected close on February 4, 2026.
That date matters because it’s when GameStop says it started quietly building its position. So this wasn’t just a random Moonshot Monday announcement. It had been nibbling at the table for a while, and now it’s showing up with a whole grocery cart.
The “wait, really?” details
GameStop says it has built a 5% economic stake in eBay through derivatives and beneficial ownership of common stock. Translation: it already has skin in the game, and now it’s trying to turn that into a full-blown takeover.
The company also said it’s filing a Schedule 13D and HSR notification, which is corporate-speak for: “Hey, regulators, we’re getting serious.”
Why investors should care
This is the kind of headline that can yank both stocks around because:
- GameStop is shifting from retailer-meets-meme to dealmaker mode
- eBay gets a premium offer, which can anchor the stock near the bid if the market thinks this has legs
- Non-binding means this is not a done deal — it’s more “first date” than “wedding bells”
Big picture: if you own GME, this is the rare moment where the story isn’t just vibes and volatility. If you own EBAY, you’ve suddenly got takeover optionality on top of the usual marketplace drama.