GameStop has made an unsolicited $55.5 billion cash-and-stock offer to acquire e-commerce company eBay, valuing it at $125 per share.

GameStop CEO Ryan Cohen said the deal would generate about $2 billion in annual cost savings and significantly reduce marketing spending at eBay.

He would lead the combined company and be compensated based on performance rather than salary or bonuses.

The proposal is partially backed by debt financing and includes plans to use GameStop’s retail stores to support eBay’s “live commerce” strategy, the BBC has reported.

The offer follows renewed attention on GameStop as a “meme stock” company after its viral surge during the pandemic-era trading frenzy.