GameStop Corp. (NYSE: GME) announced that its board of directors has approved a request from Chairman and CEO Ryan Cohen to remove a proposed CEO Performance Award from the company's proxy statement, citing a shift in focus toward its proposed acquisition of eBay, Inc.

The board had originally approved the CEO Performance Award in January 2026, before the company decided to pursue the eBay acquisition. Cohen stated he wants leadership fully focused on GameStop's operating performance and the proposed deal.

GameStop delivered a non-binding proposal to eBay's board on May 3, 2026, offering to acquire all outstanding eBay common stock not already owned by GameStop at $125 per share, to be paid in a combination of cash and GameStop common stock.

As of the announcement, GameStop directly owns 4,343,725 shares of eBay common stock and holds put/call option transactions providing economic exposure to an additional 39,046,658 shares, expiring February 23, 2028. On June 3, 2026, the Hart-Scott-Rodino antitrust waiting period condition was satisfied, allowing for the option of physical settlement of those shares.

GameStop said it plans to release additional materials regarding the proposed acquisition, including a presentation of the strategic rationale and operational plan for a combined company. An amended proxy statement has been filed with the Securities and Exchange Commission. GameStop's 2026 Annual Meeting of Stockholders is scheduled for July 7, 2026.