GameStop offers $56 billion for eBay, struggles to explain how it'll pay for it

GameStop yesterday made an unsolicited offer to buy eBay for $55.5 billion. GameStop claims that eBay has underperformed and spends too much on sales and marketing and argues that it would become a stronger company if it cuts costs and is combined with GameStop's physical retail locations.

"GameStop’s ~1,600 US locations give eBay a national network for authentication, intake, fulfillment, and live commerce," GameStop Chairman and CEO Ryan Cohen wrote in a letter to eBay Chairman Paul Pressler.