I imagine the actual reason why Cohen didn’t answer the question is that he would have to admit that if the combined entity issued enough shares to pay for the acquisition, it would substantially dilute existing shareholders.

I agree, but he had to know he'd be asked the question, right? And he had to know that staring blankly and mumbling about the offer being on the website wouldn't suffice as an explanation. It's just mind-boggling behavior from the CEO of a public company.