GameStop’s $56 billion offer is rejected by eBay, which describes it as «neither credible nor attractive.»

eBay rejected GameStop’s $56 billion acquisition offer on Tuesday, citing concerns about the deal’s financial feasibility. This occurs weeks after the well-known meme platform and video game shop launched an unsolicited attempt to take over the online marketplace. Which has a four-fold higher market valuation.

eBay released a letter to billionaire Ryan Cohen, CEO of GameStop, saying that its board of directors had considered the offer and rejected it.

The board determined that Cohen’s company’s proposal was «neither credible nor attractive,» as stated in the letter. It also highlighted potential problems with the acquisition, including «uncertainty» surrounding the «financing proposal». The «leverage, operational risks, and leadership structure» of the resulting entity.

Cohen had previously suggested that GameStop might issue more shares to finance part of its half-cash, half-stock bid to acquire eBay. TD Bank would provide up to $20 billion in debt financing.

GameStop shares fell 4.14% in pre-market trading Tuesday morning. The decline began overnight after a volatile session in which the stock surged more than 13% following a public offer from the popular memestock influencer, Cohen.

Cohen prepared for a battle

After making the offer public, Cohen told the Journal that if the company rejected it. He was prepared for a battle for control and would present his offer directly to the e-commerce company’s shareholders.

The billionaire also criticized eBay on social media, claiming the platform had blocked his account after he listed several personal items, including socks, for sale to fund the purchase, in what appeared to be an online publicity stunt.