GameStop makes an unsolicited takeover bid for eBay worth about $55.5–$56 billion, offering $125 per share in a cash-and-stock deal. The proposal is described as an attempt by GameStop CEO Ryan Cohen to reposition eBay as a stronger competitor to Amazon. Reports say the offer includes plans that could use GameStop’s roughly 1,600 US stores as drop-off and shipping locations, with one proposal involving live broadcasts from GameStop locations featuring eBay products.

Following the bid, eBay shares rise sharply before the opening bell, while GameStop shares move lower. Market coverage also highlights questions about the feasibility of the deal, noting that Wall Street analyses focus on the financial and balance-sheet “math” involved because eBay is several times larger than GameStop.

eBay ultimately rejects the offer, with chairman Paul Pressler saying in a letter that the unsolicited bid is “neither credible nor attractive.” Bloomberg also describes the bid as four times the size of GameStop, emphasizing the scale of the acquisition attempt.