GameStop has increased its stake in eBay to 6.55%, up from approximately 5%, following eBay's rejection of a $56 billion takeover bid. The offer, made on May 4, was dismissed by eBay on May 12 as "neither credible nor attractive." GameStop CEO Cohen, who proposed acquiring eBay at $125 per share through a mix of cash and stock, indicated readiness to pursue a proxy fight if eBay's board does not reconsider the offer.