Online marketplace eBay has rejected GameStop’s $56 billion acquisition offer, calling the offer “neither credible nor attractive.” “The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it,” Paul Pressler, the chairman of eBay’s board, wrote in a letter. “We have concluded that your proposal is neither credible nor attractive.”

The gaming retailer had offered $125 per share, half cash, half stock, according to CEO Ryan Cohen last week. Cohen said GameStop had lined up a $20 billion financing commitment from TD Securities, part of TD Bank, and the company has about $9 billion in cash on hand, but the funding gap remains substantial. GameStop did not comment on eBay’s decline of its bid.

Specifically, EBay listed several concerns with GameStop’s offer, including “the uncertainty regarding your financing proposal,” along with operational risks and the debt load that would result from the proposed transaction. Furthermore, many Wall Street analysts threw cold water on the deal, citing a lack of meaningful synergies between the two companies and few details on the offer coming from GameStop’s Cohen.

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EBay wrote in its letter that it remains confident in its current management team and that its business has “delivered meaningful results” over the past several years. “We have sharpened our strategic focus, strengthened execution, enhanced our marketplace and seller experience, and consistently returned capital to shareholders,” eBay wrote in its response to GameStop on Tuesday. The company, whose shares are up 24% year to date, has been in the middle of a turnaround effort. GameStop (GME) stock, meanwhile, is down 3% on Tuesday.