GameStop CEO Ryan Cohen is preparing to bypass the company's board and take $56 billion acquisition offer from eBay directly to shareholders, sources confirm. Cohen made the threat after GameStop directors refused to engage with him regarding the potential deal, signaling a dramatic escalation in the struggling retailer's M&A strategy.

The move represents a direct challenge to GameStop's leadership structure as Cohen, who has transformed the company's business model, pushes for what could be one of the largest retail acquisitions in recent years. eBay's unsolicited approach, reportedly valuing GameStop at approximately $100 per share, comes amid continued pressure on the video game retailer's physical store business.

Market observers view Cohen's threat as leverage to force board compliance, though the path to shareholder approval remains uncertain. The standoff highlights tensions between management and activist investors in the retail sector, with GameStop's stock reacting positively to news of the potential eBay acquisition despite the governance conflict.