GameStop shareholders OK stock increase linked to proposed eBay acquisition
GameStop Corp. investors have approved a change that eases the way for the company to make a fresh bid in its ongoing attempt to buy eBay.
The videogame retailer said its stockholders approved all proposals presented at the company's 2026 annual meeting of stockholders. The proposals included one that allows the retailer to issue more stock related to a potential bid for eBay.
“The amendment received the affirmative vote of 68.7% of votes cast, and provides the company with the capacity to issue common stock in connection with strategic transactions, including its proposed acquisition of eBay, Inc.,” GameStop stated in a press release.
In May, GameStop made an unexpected attempt to acquire eBay Inc., submitting an unsolicited, non-binding proposal to acquire 100% of the company at $125 per share in 50% cash and 50% stock The offer, valued at about $56 billion, represented a 46% premium to eBay’s unaffected closing price on Feb. 4, 2026, the day GameStop started accumulating its position in eBay. (At the time, GameStop had an approximate 5% stake in eBay.)
The offer was rejected by eBay, with chairman of the board Paul S. Pressler, calling the proposal “neither credible nor attractive.”
Since the offer was rejected, GameStop has raised its stake in eBay to approximately 6.55%.
GameStop’s determination to acquire eBay has not wavered. In June, the board approved a request by CEO Ryan Cohen to withdraw a proposed performance award that would have given him a potential $35 billion bonus.
“Mr. Cohen stated that he wants leadership fully focused on GameStop's operating performance and its proposed eBay acquisition,” the company stated in granting the request.
With a market capitalization of $9.94 billion and trading at $22.20 per share, GameStop holds more cash than debt on its balance sheet, positioning it for the potential transaction, according to investing.com.
At the annual meeting, GameStop’s stockholders also re-elected all five director nominees, approved the advisory vote on executive compensation, and ratified the appointment of the csdompany's independent registered public accounting firm
