eBay rejected GameStop's $56 bn takeover proposal, deeming it neither credible nor attractive.
The $125-per-share bid, half cash half stock, seeks ~$20 bn debt financing from TD Securities.
GameStop CEO Ryan Cohen may take the offer to shareholders; investor Michael Burry sold his entire stake, warning of debt and dilution.
eBay shares fell about 1.1% to $107 in pre‑market trading, below the $125 offer price, while GameStop dropped 4.57%.