PayPal Shares Drop 13% After Stripe, Advent Walk Away From $53B Bid
Reuters reported Stripe and Advent International abandoned a $53 billion takeover bid for PayPal; shares fell 13% in premarket trading on Aug. 28.
Reuters reported that Stripe and Advent International abandoned their pursuit of PayPal.
PayPal shares fell 13% in premarket trading on Aug. 28.
The withdrawn offer valued PayPal at about $53 billion ($60.50 per share).
PayPal had raised full-year non-GAAP earnings guidance in its latest quarterly update.
Exact timing of the withdrawal decision is not disclosed.
No comment from Stripe, Advent, or PayPal is provided in the report.