GameStop has formally extended an offer to acquire eBay for $56 billion as part of CEO Ryan Cohen’s strategic plan to transform the online marketplace. eBay stated that it will “carefully review” the unsolicited proposal, noting that there had been “no discussions with or outreach from GameStop” prior to receipt of the bid.

GameStop intends to finance the acquisition using $9.4 billion from its balance sheet and third-party sources, including up to $20 billion from TD Securities. Cohen may seek support from external investors and has expressed willingness to initiate a proxy fight for eBay should the company decline the current proposal.