James Fontanella-Khan

He's got about $9 billion on GameStop's balance sheet, which is kind of insane for a company of that size.

And then he's taking on another $20 billion from TD Bank.

So that's the cash portion, easy.

And then, as you mentioned earlier, GameStop is worth about $11 billion in equity.

So you'd be still missing about $15 to $16 billion.

He plans to do that by issuing new stock.

And so that is really something that will depend on the appetite of investors of taking that new issuance.

So that's where a lot of question marks are coming in.

The maths can add up.

It's a question of whether he will manage to do so or not.

The vibes that we've got from the eBay camp are not warm.

Let's put it that way.

I'd expect them to reject this bid.

It's not been confirmed yet.

Partly because Cohen and GameStop have not really even tried to reach out to eBay.

So this kind of came out of nowhere.

and partly because he's already prepared for a fight.

So we're likely to see Cohen going directly to eBay shareholders for a proxy fight.

That could mean trying to remove the whole board and get his own people in there, which would then allow him to kind of approve the deal that way.

So it's still early days, but in terms of what Cohen seems to be intending to do is make this a really public, unfriendly battle.