New York, May 12 -- eBay on Tuesday rejected the unsolicited acquisition proposal made by gaming retailer GameStop, stating that the offer was "neither credible nor attractive."

In a statement released through PR Newswire, eBay said its Board of Directors, along with financial and legal advisors, conducted a thorough review before deciding to reject the non-binding proposal submitted by GameStop.

It stated, "following a thorough review with the support of its financial and legal advisors, the company's Board of Directors has determined to reject GameStop's unsolicited, non-binding acquisition proposal".

The company also released the full response letter sent by eBay Chairman Paul S. Pressler to GameStop Chief Executive Officer Ryan Coh...