eBay rejected GameStop's unsolicited $56bn bid to buy the online marketplace, calling the offer "neither credible nor attractive" in a letter to GameStop CEO Ryan Cohen. The video game retailer proposed paying $125 a share — a 46% premium to eBay's February 4 close — with half in cash and half in stock, backed by a potential $20bn debt facility from TD Bank.

The rejection cited financing uncertainty, leverage concerns, and operational risks. GameStop had accumulated a 5% stake in eBay and holds $9bn in cash, yet the board dismissed the proposal outright. Cohen warned he wouldn't accept no for an answer and could take the offer directly to eBay shareholders.

eBay shares fell 1% premarket while GameStop dropped 4.6%, as the bid evoked memories of the meme stock era when GameStop's valuation briefly topped $200bn. The company's guerrilla tactics — including setting up an eBay page selling GameStop merchandise — suggest this fight is far from over.