GameStop CEO Ryan Cohen wants to buy eBay, but the e-commerce platform isn't keen. GameStop; Smith Collection/Gado/Getty Images EBay has rejected Ryan Cohen's $55.5 billion takeover offer. The GameStop CEO made an unsolicited offer earlier this month. eBay's board chairman said the offer is "neither credible nor attractive." EBay has turned down Ryan Cohen's unsolicited offer to take over its business, saying it's better off on its own. The online marketplace giant said Tuesday that it has officially rejected the GameStop CEO's $55.5 billion bid for the company. "We have concluded that your proposal is neither credible nor attractive," eBay's board of directors chairman, Paul Pressler, wrote in a letter to Cohen. "We have taken into account such factors as 1) eBay's standalone prospects, 2) the uncertainty regarding your financing proposal, 3) the impact of your proposal on eBay's long-term growth and profitability, 4) the leverage, operational risks, and leadership structure of a combined entity, 5) the resulting implications of these factors on valuation, and 6) GameStop's governance and executive incentives," he added. Cohen told Business Insider's Sarah Needleman last week: "I did not want to be the CEO of GameStop. I want to be the CEO of eBay." GameStop offered to acquire eBay for $125 a share in a cash-and-stock deal. For the cash portion, it pointed to roughly $9.4 billion on its balance sheet and a "highly-confident letter from TD Securities for up to $20 billion." Cohen, who wants to serve as CEO of the combined company, said he could deliver $2 billion of annualized cost reductions within 12 months of the deal closing. He added that GameStop's roughly 1,600 US retail locations would give eBay a "national network for authentication, intake, fulfillment, and live commerce." Chewy's billionaire cofounder has been trolling eBay in recent days by listing items and publicly complaining about its customer service. He went viral for a CNBC interview in which he seemed reluctant to explain precisely how the deal would be funded, given GameStop's market value is around $10 billion and eBay is worth nearly $50 billion. Cohen recently lost one of his biggest champions after Michael Burry, the investor of "The Big Short" fame, revealed he had exited his GameStop stake after assessing Cohen's eBay proposal. Burry, who had touted Cohen's potential to be the next Warren Buffett, calculated that the deal would lump GameStop with onerous amounts of leverage and debt service. In the statement rejecting Cohen's bid, eBay chairman Paul Pressler described eBay as a "strong, resilient business," said it had made significant progress in recent years, and added that he was confident that its existing management could "continue to drive sustainable growth, execute with discipline, and deliver long-term value for our shareholders." Read the original article on Business Insider