# Video game retailer GameStop saw its share price drop 3.4% on Tuesday, 12 May, hitting an intraday low of $22.39 on the NYSE.

*business · news · 2026-05-12 · Livemint*

## Key points

- eBay's board unanimously rejected GameStop's $56 billion takeover offer citing financing and operational risks.
- GameStop's bid involved borrowing $20 billion and offering eBay shareholders 50% cash and 50% GameStop stock.
- Ryan Cohen indicated willingness to pursue a proxy fight to replace eBay board members if rejected again.
- Cohen pledged $2 billion in annualised cost reductions within 12 months, targeting eBay's sales and marketing budget.

**Companies:** eBay, GameStop
**Countries:** United States, France, Australia

[Read the full story on Livemint](https://www.livemint.com/market/stock-market-news/gamestop-shares-fall-over-3-after-ebay-rejects-56-billion-takeover-bid-11778603138812.html)

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