James Fontanella-Khan

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.