GameStop has submitted a $56 billion bid to acquire eBay, as part of CEO Ryan Cohen's plan to transform the platform into a true competitor to Amazon. eBay announced it will carefully review the offer, confirming there had been no prior contact with GameStop before receiving the bid.

GameStop plans to finance the acquisition using $9.4 billion of its own cash reserves, along with external financing that includes up to $20 billion from TD Securities. The company has not specified how it will finance the remainder of the deal, but sources have indicated it may turn to external investors, such as sovereign wealth funds in the Middle East, to support the acquisition. Cohen is also prepared to initiate a proxy voting battle if eBay rejects the offer.