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GameStop CEO Ryan Cohen announced plans to acquire a publicly traded company in the consumer or retail sector, using the company's $9 billion in cash reserves. To unlock his $35 billion compensation package, Cohen needs to grow GameStop's market cap from $10.68 billion to $100 billion. Meanwhile, the retailer continues closing hundreds of stores across the US and exiting multiple international markets including New Zealand, where all 38 remaining EB Games locations are shutting down.

GameStop wants to conduct 'major acquisition' of a public company