GameStop made unsolicited $56 billion offer to acquire eBay at $125 per share, a ~20% premium.
Offer comprises 50% cash and 50% GameStop stock; GameStop secured a $20 billion debt commitment from TD Securities.
GameStop already holds ~5% of eBay and expects $2 billion annual cost reductions post‑closing.
eBay shares rose over 8% in pre‑market trading; CEO Ryan Cohen will lead the combined entity.