GameStop has made an unsolicited cash-and-stock offer to acquire eBay for $56 billion, valuing it at $125 per share—a 20% premium to recent closing prices—while holding a roughly 5% stake in the target. CEO Ryan Cohen, who informed the Wall Street Journal of the bid backed by $20 billion in TD Bank debt financing, stated eBay could reach hundreds of billions in value and threatened a proxy fight if rebuffed. GameStop plans to disclose further details on May 3.