GME shares have tanked due to Cohen's nonsensical folly in thinking he was going to launch a takeover of a company nearly 5 times the size and market cap of GME. He is literally being laughed at. Not to mention the huge dilution his proposal would inflict on GME holders, and the debt GME would have to incur, assuming anyone would even finance the deal. As EBAY stated in rejecting the proposal, it is neither credible nor attractive, and there are serious doubts over any potential financing. David Faber discussing it today on CNBC called it perhaps the poorest executed and worst rollout of an unsolicited takeover offer ever.
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