eBay's board of directors has formally rejected GameStop's unsolicited bid to acquire the e-commerce company, bringing an unceremonious end to one of the stranger corporate stories of the year.

In a press release issued Tuesday morning , eBay's board called the proposal from GameStop CEO Ryan Cohen "neither credible nor attractive," citing concerns about GameStop's financing plan, the operational risks of a combined company, and questions about GameStop's own governance and executive incentives.

The rejection letter, signed by eBay board chairman Paul Pressler, was unambiguous.…