Advent, Stripe consortium is said to drop pursuit of PayPal

A consortium of buyout firm Advent and payment processor Stripe has decided to abandon its pursuit of fintech pioneer PayPal, Bloomberg News reported on Thursday, citing people familiar with the ‌matter.

Reuters could ⁠not ⁠immediately verify the report. PayPal and Stripe declined ​to comment, while Advent could not immediately be reached ​for comment outside regular business hours.

The payments company, once the crown jewel of American financial technology, received a $60.50-per-share ⁠bid from ‌Stripe and private equity firm Advent International, which valued it at ⁠more than $53 billion, Reuters reported in July, citing sources.