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GameStop hits the limits of credibility with $55.5bn eBay bid | Nils Pratley

12/5/2026
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“Neither credible nor attractive.” No, not a line from a junior minister’s resignation letter on Tuesday.It was eBay’s succinct appraisal of the bizarre $55.5bn (£41bn) takeover offer from video games retailer GameStop, an affair that offers light distraction from the sight of UK 10-year gilt yields at 5%-plus.To recap: GameStop is the “meme stock” company that became famous a few years ago when amateur traders on a Reddit forum piled in furiously in an attempt to burn the short-sellers who were betting on the struggling retailer’s demise.

Surprisingly, the Redditers succeeded beyond their wildest dreams.The squeeze drove up GameStop’s share price hundredfold, inflicting hell on serious hedge funds and making the company’s chief executive, Ryan Cohen, an anti-establishment hero.Even more surprisingly, GameStop is still around and showing better trading numbers.But, crucially, it was still worth only $11bn at the start of this month when Cohen announced an audacious proposal to buy the online marketplace eBay, a company four times its size, at $125 a share, to be funded half in cash and half by the issuance of an avalanche of new GameStop shares.The eBay board clearly takes the view that Cohen’s pitch is more absurd than audacious, and you can’t blame it.

Of the advertised $28bn of cash in the offer, $20bn is represented by a non-binding “expression of confidence” from Canadian TD Bank that GameStop could raise the money if it gets an investment grade rating from two top credit agencies, a prospect that is far from certain given the financial leverage the transaction would require.That, presumably, is what eBay means by the credibility deficit.Nor does eBay obviously need a deal with anyone.Its board may be scandalously overpaid, as Cohen says, but most are in corporate America.The relevant fact is that eBay’s shares have improved 50% in the past 12 months, so why on earth would its owners want to swap into GameStop stock, a currency that is hard to value at the best of times?If the answer is supposed to be the chance to install Cohen as their new chief executive, the would-be visionary surely has to offer a better alternative strategy for eBay than cutting the marketing budget in half and hoping for cross-over benefits between eBay’s online operation and GameStop’s 1,600 stores.

“The more [eBay] fights me, the more … I’m not going to take no for an answer,” Cohen told the FT last week.“I’m not going away.I’m a pain in the ass.” One hopes he means it, because it would imply a formal hostile bid for eBay, providing hours more entertainment – and perhaps even a repeat of his wonderfully surly interview with CNBC on day one of this saga.It is semi-obligatory to say one should not underestimate GameStop or Cohen, because the 2021 stock-buying frenzy was a genuine against-the-odds coup.

On this occasion, however, he would seem to lack the necessary momentum,GameStop’s shares are down since the start of the latest adventure, suggesting even the fanclub has its doubts,Meme-style short squeezes are one thing; a hit-and-hope $56bn reverse takeover bid may, in the word of the day, be untenable,
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How to make arancini – recipe | Felicity Cloake's Masterclass

Before I wrote this recipe, it hadn’t occurred to me that the word “arancini” means “little oranges”, and, plump, round and golden as they are, it makes sense, too. Indeed, these robust rice balls, which are said to have come to Sicily with Arab invaders in the 10th century, are now, according to the late Antonio Carluccio, the local equivalent of a sandwich lunch.Prep 25 min Cook 45 min Makes 8 large ballsFor the risotto700ml chicken stock, or vegetable stock100ml white wine (optional)250g short-grain rice (eg, arborio)½ tsp salt, plus extra to season1 very generous pinch saffron (optional)50g parmesan, or grano padano or vegetarian alternative, gratedBlack pepperFor the arancini2 eggs plus 1 egg yolk100g mozzarella, drained and cut into chunksOptional other fillings of your choice – meat ragu, pesto, sauteed mushrooms, wilted or defrosted greens170g plain flour 250g fine dried breadcrumbs (preferably not panko)Neutral oil, for fryingFlaky sea salt, to finish (optional)Risotto is a northern Italian dish, so Sicilian arancini weren’t designed with it in mind, but they are great vehicles for risotto leftovers. My recipe is intended for 700g cooked rice, but adjust the fillings and coating according to what you have; these are also a great way to repurpose small amounts of ragu, cooked vegetables, fish or meat.If you’re cooking the rice from scratch, put the stock and wine (or substitute 100ml extra stock, if you prefer) in a medium pan and bring to a boil – I like chicken stock, because I find it the most neutrally savoury, but use whatever suits the fillings you’re using

10/5/2026
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Navel gazing: oranges, mandarins and persimmons top Australia’s best-value fruit and veg for May

“Sweet, low seed and great for snacking” imperial mandarins have just started their season, says Josh Flamminio, owner and buyer at Sydney’s Galluzzo Fruiterers. The tangy-sweet citrus is selling for between $2.99 and $3.99 a kilo in major supermarkets. At Galluzzo, Queensland-grown imperial mandarins are $3

6/5/2026
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Australian supermarket sauerkraut taste test: one is ‘like eating the smell of McDonald’s pickle’

It’s ‘Gut Coachella’ for Nicholas Jordan and friends, who blind taste a line-up of 20 shredded and fermented cabbage productsIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailI cannot tell you how many times I’ve been introduced to a fatty, salty hunk of meat and thought, “my god, I’m going to need a pickle”. I feel the same eating cheese toasties or deli sandwiches with rich mayo-based sauces. Where is the pickle, hot sauce, citrus or ferment? Even the most savoury, juicy slab of umami is a bit much without acidity to balance it.What is the point of sauerkraut without acidity? It’s just wet, salty cabbage, and what is that for, other than deflating my spirits and inflating my gastrointestinal system? Sauerkraut should be sour; it’s the hallmark of the very thing that created it – fermentation.Why am I saying all this? After eight friends and I tasted 21 supermarket sauerkrauts, I was shocked to find some lacked not just acidity but any vigour at all

5/5/2026
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Spring soup and bean and cheese quesadillas: Thomasina Miers’ Mexican-inspired seasonal recipes

I have always loved the evident (though not proven) link between how foodie a country is and its love of soups. In Mexico, where nose-to-tail eating is a given, broths maintain a steadying presence in any self-respecting cantina, and soups are commonplace on most menus. We don’t eat a crazy amount of meat at home, but having homemade stock in the freezer is an ingenious fast track to flavour and goodness. Here, whether your stock is chicken or vegetable, homemade or shop-bought, the joy is in the gentle spicing, a scattering of herbs, zingy tomatillos and some lovely spring leaves.There are so many different herbs in Mexico that are impossible to find here, so I’ve used bundles of more common soft herbs to try to capture the lovely breadth of flavour in this soup

4/5/2026
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Willy’s, Margate, Kent: ‘It chortles in the face of small plates’ – restaurant review | Grace Dent on restaurants

This cute and jovial eatery is reason enough to make a break for the coastAs summer looms, and with it the urge to stampede towards the edges of Britain in search of paddling opportunities, I proffer another coastal dining idea: Willy’s in Margate – and, yes, that name does have about it something of the naughty seaside postcard. Tucked away in the back of Margate House hotel on Dalby Square, a few minutes’ walk from the seafront, Willy’s is a blur of frilly red-and-pink seaside adorableness. It’s cool, cute and jovial, with pork scratchings and apple chutney on the menu, as well as black pudding scotch eggs, sticky toffee pudding and Sunday lunches of beef rump and baked cauliflower cheese. This menu is short, intentional and hearty, rather than airy-fairy, and it chortles in the face of small plates.But, for the foodie/sippy crowd, the signifiers are all here: there’s a paper plane and a penicillin on the cocktail menu, throwbacks to New York’s iconic Milk and Honey bar

3/5/2026
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Why sweet, chewy dates go perfectly with chocolate – and the best ones to try

I first cemented the allure of the “chew” aged 14, working illegally as a chambermaid (I lied about my age) and finding a guest’s Gummy Bears laid open – a breach I heavily exploited. Recently this chew need has been sated by dates and their use in chocolate as a healthy caramel. Dates do have nutritional benefits over mere sugar: fibre, minerals, antioxidants and make a great pre-workout boost.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

29/4/2026
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The Spin | ‘We have a hoot on the field’: Oswestry CC boasts 10 mother-daughter pairs

13/5/2026
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From the Pocket: Voss coached the way he played and his brutal football failed Carlton

13/5/2026
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Cleary to finish up as Panthers coach and end greatest modern-day NRL dynasty

13/5/2026
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Billy Knight obituary

12/5/2026
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Rory McIlroy claims he knew LIV was in trouble and breakaway tour was always a ‘risk’

12/5/2026
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Jake Paul admits broken jaw from Anthony Joshua fight may have ended boxing career

12/5/2026