GameStop submits $56 billion offer to buy eBay

Key points

• Update, March 4, 10AM ET: The story has been updated to reflect GameStop's submitted proposal to eBay on Monday.
• GameStop has proposed to acquire eBay for $125 per share, totaling a $56 billion bid.
• According to GameStop's proposal, the figure would be 50 percent cash and 50 percent GameStop common stock.
• GameStop detailed in the proposal that it has approximately $9.4 billion in cash and liquid investments as of January 31 and that GameStop's roughly 1,600 locations in the US would give eBay a network for authentication, intake, fulfillment and live commerce.
• GameStop's CEO, Ryan Cohen, also wrote that he would become the CEO of the combined company following the deal's closing in the offer letter, adding that he would be "compensated solely based on the performance of the combined company." In response, eBay confirmed receipt of the unsolicited proposal but clarified that it had no discussions or outreach from...