eBay shareholders rejected a ruling proposal at the company’s annual meeting that would have lowered the chance to call a special meeting of shareholders from 20% to 10%.
The results directly affect GameStop CEO Ryan Cohen, who owns about 9% of eBay. At 10%, Cohen would have had the power to force a special shareholder meeting on his own, without the need to form a general agreement.
The disagreement has led to conflict outside the boardroom. eBay suspended Cohen’s selling account shortly after he took the money. The ban has been lifted, but the section it caused a public debate and company.
4 Proposals Fail, Blocking Important Governance Process
Proposal 4 failed miserably. Preliminary voting results show that about 210 million shares voted against the measure, while about 157 million voted in favor. eBay recommended a vote against the proposal before the meeting.
The result closes off one avenue of authority that Cohen had. GameStop Games he wants to buy eBay at $125 per share earlier this year. That price represented 46% of eBay’s unaffected closing price on Feb. 4, 2026.
The fund had a mixed investment with GameStop, which the e-commerce company is valued at about $56 billion. However, eBay’s board he declined the offer as “untrustworthy or attractive” and refused to join the discussion.
Cohen did not hold back in criticizing eBay’s management. He has publicly criticized the company $2.4 billion marketing budgetarguing that spending has not really helped improve performance. He also described eBay as a well-managed asset that management has failed to capitalize on.
The buying push has also moved the markets. GameStop Games stock rose 9% when the ad first appeared. This shows how investors strongly connect Cohen’s ambitions with the story of GameStop’s transformation.
A lot of shares go over both companies. A successful advertisement may indicate one of the most unusual things that companies can find in the near future. It could see a video game retailer looking to take on a global e-commerce platform that is more important than itself.
Looking for GameStop Tenders?
With the regulatory process closed, attention has turned to the possibility of issuing hostile tenders. This approach would allow Cohen to take the money from eBay shareholders, bypassing the board’s authority entirely. A charity offering can also test how eBay’s stockists respond, independent of the board’s opinion.
With the best practices out of the way, direct bidding to eBay shareholders remains Cohen’s best option. Whether they move quickly or wait for things to go their way could lead to the war going far.
A note GameStop and eBay Games Rise After Shareholder Vote Fails appeared for the first time BeInCrypto.
