(Image credit: GameStop)

The bizarre saga of GameStop's $56 billion bid to acquire eBay has come to, if not an ending, then at least a sudden break: the internet auction empire today rejected GameStop's offer, declaring "We have concluded that your proposal is neither credible nor attractive" in a letter from eBay board chairman Paul Pressler.

"The Board, with the support of its independent advisors, has thoroughly reviewed your proposal and has determined to reject it," wrote eBay .

In some fairness to GameStop CEO Ryan Cohen—who has been touting the offer with characteristic swagger on all channels since he first made it on May 3 —the games retailer did turn over its first operating profit since 2018 last year.

On paper, the terms of the deal were that Cohen would offer eBay shareholders $28 billion in cash with the aid of TD Bank, which would provide $20 billion of that number.…