At first glance, the move is almost laughable: eBay has a market capitalization of $446bn, nearly quadruple that of GameStop. While it is not uncommon to see a David attempt to swallow a Goliath, the disparity here is simply too big to be credible.

Furthermore, the offer at 4125 per eBay share values the e-commerce platform at an enterprise value of $460bn. Half this would be paid in cash, with the other half in GameStop shares. It seems highly doubtful by any measure that eBay shareholders would accept the latter as a valid currency.

Refarding the cash component, it would mobilize GameStop's 49 billion war chest, more than half of which was raised through two extraordinarily opportunistic capital increases in 2022 and 2025. On this subject, refer to, GameStop Corp.: The queen is back.

This would leave a significant portion to be financed - approximately $420bn - which Ryan Cohen claims to have secured through the Canadian bank TD, which is purportedly ready to advance these funds.

On the surface, an enterprise value of $460bn for eBay appears expensive. It would equate to a multiple of nearly 6x revenue and 26x operating profit for a zero-growth group that survives on a few niches in the peer-to-peer second-hand market.

Ryan Cohen nevertheless asserts that he can boost profitability by slashing the group's operating expenses, particularly marketing budgets - which are indeed substantial and underperforming, given the stagnant growth in the platform's user base.

However, it is impossible not to point out that these highly ambitious cost-cutting plans envisioned by Cohen would, in all likelihood, be entirely offset by the average cost of the $20bn debt he claims to have secured. Something here does not add up.

Although the takeover bid is not surprising coming from the whimsical Ryan Cohen, a character often controversial, even borderline, but certainly decisive. MarketScreener analysts believe the bid has little chance of succeeding, which does not mean that Cohen does not have an ulterior motive.

GameStop indeed controls 5% of eBay's capital through common shares and derivatives. The offer could potentially provide a boost to eBay's stock price, which Cohen, with his legendary opportunism, would then exploit to realize a handsome capital gain.

Should the offer succeed - which, again, seems improbable - it would result in the merger of two groups whose glory days are long gone, burdened with a mountain of debt to manage, equivalent to nearly 10x consolidated operating profit.

It is difficult to see who, other than Ryan Cohen in the very short term, could truly desire such an outcome.