GameStop Withdraws $35B CEO Pay Plan to Prioritize $125 eBay Bid
GME•GameStop’s board approved CEO Ryan Cohen’s request to withdraw his $35 billion performance-award plan to fully focus on its proposed acquisition of eBay at $125 per share. The non-binding offer, split 50% cash and 50% stock, represents a 46% premium and covers 4.34 million direct shares plus 39.05 million option shares.
1. Withdrawal of Performance Award
In January 2026, GameStop’s board approved a $35 billion performance-award plan for Chairman and CEO Ryan Cohen. On June 23, Cohen requested its withdrawal to ensure leadership remains focused on executing the proposed acquisition of eBay, and the board formally granted that request.
2. Details of eBay Acquisition Offer
On May 3, 2026, GameStop submitted a non-binding proposal to purchase all outstanding eBay shares at $125 per share, structured as 50% cash and 50% GameStop common stock. GameStop already holds 4,343,725 eBay shares directly and economic exposure to 39,046,658 additional shares via options, with antitrust clearance achieved on June 3.
3. eBay Board Rejection and Next Steps
eBay’s board rejected the $125 per share bid on May 12, citing doubts about financing, growth prospects and leadership for the combined company. Cohen has signaled readiness to launch a hostile proxy fight or take the offer directly to shareholders if negotiations remain stalled.
4. Proxy Statement and Upcoming Meeting
An amended proxy statement has been filed ahead of GameStop’s Annual Meeting on July 7, 2026, and the company plans to release detailed materials outlining the strategic rationale and operational plan for a merged GameStop-eBay entity.
