GameStop confirms $56 billion eBay acquisition bid, promises $2 billion in cuts at the company if the takeover is successful

GameStop has now confirmed its intent to acquire ecommerce behemoth eBay, first reported over the weekend, saying in a May 3 announcement that it's making a half-cash, half-stock offer worth approximately $55.5 billion for 100% of the company. It also suggested that, should the deal go through, it intends to slash and burn eBay to "deliver $2 billion of annualized cost reductions within twelve months of closing."

Here's how that's going to work:

• ~$1.2 billion from Sales & Marketing.