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GameStop’s $55.5bn bid for eBay rejected as ‘neither credible nor attractive’

12/5/2026
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The board of eBay has rejected the US video games retailer GameStop’s surprise $55.5bn bid (£41bn) for the online marketplace, describing the proposal as “neither credible nor attractive”.Earlier this month, GameStop made an unsolicited bid for eBay, publishing a letter on its website outlining a half-cash, half-stock proposal.This was despite the US games company – which became a global household name during the meme stock craze of 2021 – being worth far less than its takeover target.GameStop had a market valuation of roughly $12bn before its bid, almost a quarter of eBay’s $46bn valuation.

GameStop’s shares have fallen by more than 12% since releasing its takeover offer, particularly after the company’s chief executive, Ryan Cohen, failed to explain how the retailer could afford the deal during a television interview on CNBC.In a letter to Cohen published on Tuesday, eBay’s chair, Paul Pressler, said its board and advisers had reviewed GameStop’s proposal and “determined to reject it”.Pressler said eBay had taken into account uncertainty around GameStop’s financing proposal as well as its borrowing and the operational risks of a combined group.Cohen has previously said GameStop was prepared to launch a hostile bid and take the offer directly to eBay’s shareholders if the board was not receptive to his proposal.GameStop has built up a stake of 5% in eBay and is offering to acquire the company at $125 a share, using about $9.

4bn in “cash on hand” and $20bn in potential debt financing from TD Securities,Adding GameStop’s market capitalisation of just over $10bn, the total remains about $16bn short of what it offered in its unsolicited bid,During the CNBC interview, Cohen dodged questions over how the company would make up the funds needed to close the deal, saying he did not “understand the question”,Cohen, who has been involved with GameStop since 2020, has said the online marketplace could be worth much more under his leadership, vowing to launch an immediate cost-cutting plan and turn it into what he describes as a “legit competitor to Amazon”,During the Covid pandemic, a meme-fuelled “revolution” in investing led to gen Z and millennial investors piling into the stocks, including GameStop, in a frenzy that pushed a number of hedge funds close to bankruptcy.

Those investors sent GameStop shares up from $3,25 in April 2020 to $347,50 in late January 2021 – a rise of 10,692%,They piled into the stock just as hedge funds started betting against the company after the doldrums of the pandemic, when gamers were moving online,While GameStop has since shut hundreds of stores, including 590 in 2025, Cohen said the 1,600 remaining sites would offer eBay a “national network for authentication, intake, fulfilment, and live commerce”.

Ebay, which was launched in 1995, is in the process of acquiring the British secondhand fashion resale app Depop from Etsy for about $1.2bn in cash, in an effort to target younger, fashion-loving consumers.GameStop has been contacted for comment.
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Did breakthrough in US fentanyl crisis start in China?

As Donald Trump travels to Beijing this week, fentanyl – and China’s role in its supply chain – remains an enduring point of acrimony in bilateral relations.At a UN meeting in March, the US again accused China of failing to stop its chemical industry selling the precursors required to make the potent synthetic opioid, while China suggested the US was shifting the blame for its domestic drug problem.Yet there are growing signs that the US fentanyl crisis has turned a corner – and some experts believe that interventions made in China have played a key role.“There was a supply shock: the purity of fentanyl fell,” said Keith Humphreys, a professor at Stanford University. “The question is why was there a supply shock

13/5/2026
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Older people risk mental decline if they do long hours of caring, UK study shows

The stresses and strains of caring for someone for 50 hours or more a week leads to “accelerated cognitive decline” in middle-aged and older people, research shows.However, providing care for only five to nine hours a week has the opposite effect, boosting brain health so much that the benefits last until older age.Carers UK called the findings “extremely worrying” and said they highlight how long hours spent providing care raises the risk of social isolation and burnout.Dr Baowen Xue, an academic at University College London and the lead author of the paper, said: “Our study shows that the caring responsibilities many people take on in later life can be a double-edged sword.“On the one hand, lighter caring responsibilities can be good for you by providing mental stimulation from interacting with loved ones or others you’re helping and a sense of purpose and usefulness

12/5/2026
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Steve Lismore obituary

My partner, Steve Lismore, who has died aged 71 in a climbing accident in Italy, was a civil servant and local politician with twin passions for giving children a good start in life and establishing equality of access to employment. Steve’s energy and commitment to action has had a lasting impact across north Derbyshire.Born in Toronto, Canada, to Violet (nee Greaves), a secretary, and Basil Lismore, a toolmaker, Steve loved reading and excelled at Bayview Heights school, Ontario, skipping a grade and winning awards at science fairs.His approach to life was formed in his teens. He combined adventure, practicality and ingenuity as he coaxed cheap motorbikes to ever improved performance

10/5/2026
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Renters’ Rights Act could worsen court delays without proper funding | Letters

The new Renters’ Rights Act is a step forward in ensuring that both tenants and landlords can access justice, but without proper investment it risks creating new court delays and injustices for both parties (The Guardian view on the Renters’ Rights Act: finally, protections fit for the modern housing market, 5 May).The end of “no fault” evictions in England is expected to lead to an increase in the number of contested repossession cases. If courts do not have the funding to handle the increase, delays will grow and leave many people in limbo, as we have recently seen with the closure of the Hillingdon Law Centre.This investment must include further funding for housing legal aid. While last year the UK government pledged to increase the fees paid to housing legal aid firms, those changes are yet to be fully implemented

10/5/2026
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‘Everyone was in tears’: the tenants given eviction notices just before ban in England

It was 2pm on 30 April when Carl Kansinde Middleton received a “no fault” eviction from his landlord in Brighton – just 10 hours before section 21 notices were officially banned under the Renters’ Right Act.“As we were getting closer, I really thought I was safe,” he said. “It just never occurred to me that it would just come right on the last day – I truly felt blindsided.“I lost my job in November and it’s been a struggle for me financially as I have no support system. I was just about treading water but this has swept me under

10/5/2026
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Ash scattering is a risky business | Brief letters

I had a similar experience to Zoe Williams (The day had come to scatter my mum’s ashes. What could possibly go wrong?, 5 May) when I scattered my dad’s ashes near the first tee at his golf club. After reaching into the urn and grabbing a large handful of his ashes, I threw them into the air only to have them all blown back at me by a sudden gust of wind. Friends always said I looked very much like him and I felt a tremendous sense of pride as parts of him went into every orifice.Bob DawsonGreenmount, Greater Manchester Glad to read about the campaign to save the mother of Bramley apples tree (Report, 5 May)

8/5/2026
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Stephen Colbert on Trump’s 22ft gold statue at his golf club: ‘recreational idolatry’

12/5/2026
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One in seven in UK prefer consulting AI chatbots to seeing doctor, study finds

13/5/2026
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US Senate confirms Kevin Warsh as Federal Reserve chair, replacing Jerome Powell

13/5/2026
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Sam Altman defends OpenAI in courtroom showdown with Elon Musk

12/5/2026
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Florida students boo graduation speaker who called AI ‘next Industrial Revolution’

12/5/2026
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Jim Furyk tells US players they need to make Ryder Cup more of a priority

13/5/2026