Ryan Cohen’s half-cash, half-stock bid to acquire eBay was swiftly rejected, as the company’s board told GameStop CEO his proposal was neither credible nor attractive following a thorough review with independent advisors.

In a letter signed by chairman Paul Pressler and addressed directly to Cohen, the board outlined six grounds for rejection: eBay’s superior standalone prospects, uncertainty over GameStop’s financing, the impact of the deal on eBay’s long-term growth and profitability, the leverage and operational risks of a combined entity, the valuation implications of those risks, and concerns over GameStop’s governance and executive incentives.

Pressler told Cohen the proposal failed on both counts, credibility and attractiveness, leaving little room for a revised approach.

EBay, which connects millions of buyers and sellers across its global marketplace, has spent recent years sharpening its strategic focus, strengthening its execution, and returning capital to shareholders.

Pressler is confident that the company will continue to deliver value for shareholders, employees, and market participants.

GameStop shares extended losses in pre-market trading Tuesday after falling 4.5% in the previous session, according to Yahoo Finance. EBay shares were largely flat.