I think Ryan handled that badly because he didn't believe the question was serious. They're offering 50% cash and 50% stock. At an eBay valuation of 56B: 20B o

I think Ryan handled that badly because he didn't believe the question was serious. They're offering 50% cash and 50% stock. At an eBay valuation of 56B: 20B of cash will come from their creditor, TD Bank. 8B will come from GameStop itself. 28B will come in the form of stock from the resulting entity, which will own eBay and presumably have a valuation north of 56B. The resulting entity may end up having 50% or more of it's equity allocated to the existing eBay shareholders. This is normal for a M&A where a smaller company buys a larger one.