GameStop CEO Ryan Cohen announced an unsolicited $56 billion offer to acquire eBay, valuing it at $125 per share.
The proposal includes a roughly 20% premium over eBay’s last closing price and reflects GameStop’s 5% existing stake.
Cohen secured a commitment letter from TD Bank for about $20 billion of debt financing to fund the transaction.
He warned he would launch a proxy fight and approach eBay shareholders directly if the board rejects the offer.