GameStop CEO drops $35 billion pay plan as eBay bid faces scrutiny

GameStop CEO Ryan Cohen withdrew a bonus plan that could have paid him as much as $35 billion, as the company tries to keep attention on its operating results and its proposed acquisition of eBay. The retailer said it will release additional materials this week laying out the strategic case for the deal and an operating plan for the combined companies. eBay rejected GameStop’s $56 billion takeover proposal in May, calling it not credible or attractive. A shareholder last week filed a proposed class-action suit in Delaware Chancery Court seeking to block the pay package pending fuller disclosures. GameStop said the lawsuit lacks merit and said its board had not decided to pursue eBay when it approved the compensation plan in January.