eBay's board has rejected GameStop's unsolicited takeover proposal, describing the offer as "neither credible nor attractive" in a letter to GameStop CEO Ryan Cohen.

The bid, valued at approximately $55.5 billion, was dismissed in a note signed by Paul S. Pressler, chairman of eBay's board of directors. The letter, obtained by IGN and reported by Nintendo Life, made clear that the board sees the proposal as failing to meet eBay's strategic and financial expectations.

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"Neither credible nor attractive" — Paul S. Pressler, chairman of eBay's board

GameStop's approach had already drawn scepticism among market observers given the disparity between the two companies' market capitalisations and the scale of financing such an acquisition would require. eBay's formal rebuff leaves the offer in limbo and marks a clear early victory for the online marketplace's board.

The rejection shifts attention to potential next moves by GameStop, including the possibility of a revised proposal, efforts to secure financing, or an attempt to persuade key shareholders. Any renewed bid would face scrutiny from regulators and shareholders given the size and profile of both companies.

IGN first reported details of the letter, with Nintendo Life subsequently covering the board's response and wider market reaction.