New Delhi, May 12 -- eBay on Tuesday turned down a $56 billion takeover offer from GameStop, citing concerns about how the deal would be financed, while reaffirming confidence in its ongoing turnaround strategy that has helped drive growth.

Market analysts and investors have questioned whether the proposal-structured as a mix of cash and stock, could succeed, given that GameStop, with a market value of about $12 billion, is attempting to acquire a company worth nearly four times as much.

Since the bid was announced earlier this month, eBay shares have traded well below the offered price of $125 per share. Before the opening bell on Tuesday, eBay stock slipped 1% to $107, while GameStop shares dropped 4%.

According to Reuters, eBay chai...