GameStop Shares Dip Slightly as CEO Ryan Cohen Vows to Keep Pushing His Contested Bid to Acquire eBay

Shares of GameStop slipped modestly Monday morning, trading at $21.74, down 0.71%, or 16 cents, as investors continue to weigh the company’s contested bid to acquire eBay and the broader strategic direction chief executive Ryan Cohen has charted for the video game retailer.

The dip comes amid ongoing uncertainty surrounding GameStop’s unsolicited $125-per-share proposal to acquire the outstanding shares of eBay that it does not already own, an offer eBay’s board has already formally rejected. Despite that rejection, Cohen has signaled he has no intention of abandoning the pursuit.

Cohen digs in after eBay’s rejection

Responding directly to eBay’s decision to reject the takeover proposal, Cohen made clear GameStop intends to keep pressing forward. “We’re Coming for eBay,” Cohen said in comments reported by TipRanks, reflecting his refusal to back down despite the board-level pushback from eBay’s leadership.

According to Yahoo Finance, Cohen has indicated plans to take his case directly to eBay shareholders rather than relying solely on board-level negotiations, a strategy that would attempt to build shareholder pressure on eBay’s leadership to reconsider the offer. That approach leaves the ultimate outcome of the proposed acquisition uncertain and has contributed to a degree of investor caution surrounding GameStop’s stock in recent weeks.

Shareholders clear the way for a potential deal

GameStop took a significant procedural step toward enabling the proposed acquisition earlier this month. At the company’s 2026 Annual Meeting of Stockholders, held July 7, shareholders approved all proposals presented to them, including an amendment to GameStop’s certificate of incorporation increasing the number of authorized shares of Class A common stock to 2.5 billion. The amendment passed with 68.7% of votes cast in favor, providing GameStop with substantially greater flexibility to issue common stock in connection with strategic transactions, including its proposed eBay acquisition.

Beyond the share authorization increase, stockholders also ratified the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending January 30, 2027, with more than 333 million votes cast in favor. Executive compensation was also approved on a non-binding, advisory basis, while a previously disclosed proposal regarding a chief executive performance award was withdrawn prior to the meeting and not presented for a shareholder vote.

Details of the proposed eBay transaction

GameStop first delivered its non-binding proposal to eBay’s board on May 3, 2026, offering to acquire all outstanding eBay common stock that GameStop does not already own at a price of $125 per share, payable through a combination of cash and GameStop common stock. As of its most recent disclosures, GameStop directly owns more than 4.3 million shares of eBay common stock and has additionally entered into a series of American-style put/call option transactions with an unaffiliated financial institution, providing economic exposure to nearly 39.1 million additional eBay shares. Those options are set to expire in February 2028, and GameStop does not currently hold voting or dispositive power over the underlying shares unless the option pairs are physically settled for common stock.

An important regulatory condition tied to that arrangement was satisfied on June 3, 2026, when the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, commonly known as the HSR Act, was cleared. That development gave both GameStop and its counterparty financial institution the option, though not the obligation, to elect physical settlement of the underlying eBay shares going forward.

A broader strategic pivot for GameStop

The eBay pursuit represents part of a broader transformation underway at GameStop under Cohen’s leadership, as the company continues shifting away from its traditional identity as a struggling brick-and-mortar video game retailer. GameStop recently provided its fiscal year 2026 outlook, projecting adjusted EBITDA in excess of $600 million for the fiscal year ending January 30, 2027, a substantial increase from the $345.4 million in adjusted EBITDA the company reported for fiscal year 2025.

GameStop has also continued to diversify its business through new partnerships, including a recently announced collaboration with Uber Eats to launch on-demand gaming delivery services, an initiative aimed at expanding the company’s relevance among gamers seeking faster access to physical game and hardware purchases.

A stock shaped by more than fundamentals

GameStop’s stock has long been influenced by factors extending well beyond traditional retail fundamentals, given the company’s history as one of the most prominent “meme stocks” during the retail trading surge of 2021. In more recent periods, the stock has continued to draw attention for reasons tied to Cohen’s broader capital allocation strategy, including the company’s substantial cash reserves and, at times, exposure to cryptocurrency holdings as part of its treasury management approach.

With eBay’s board having already rejected GameStop’s initial offer and Cohen signaling intent to appeal directly to shareholders, the path forward for the proposed acquisition remains uncertain. Investors are likely to continue closely watching for further developments regarding both the eBay bid and GameStop’s broader operational transformation, including additional details on strategic partnerships and updates tied to the company’s fiscal 2026 financial targets, as the situation continues to unfold in the weeks ahead.