PayPal shares jump 16% after Stripe, Advent make $53B takeover offer

PayPal shares jumped after a report said that payments company Stripe and private equity firm Advent International have offered to buy the company. Stripe and Advent have jointly offered to pay $60.50 per PayPal share. The offer values PayPal at more than $53 billion.

The offer price is around 28% higher than PayPal’s closing share price of $47.37 on Tuesday. The takeover offer was submitted earlier this month.