PayPal shares crash 13% on reports Advent-Stripe consortium walks away from bid
PayPal shares fell 13% in morning trading on Friday, after reports that a consortium of buyout firm Advent International and payment processor Stripe had abandoned plans to buy the fintech pioneer.
The group is no longer pursuing a deal for PayPal, a person familiar with the matter said, requesting anonymity to discuss confidential information.
The two had made a $60.50-per-share, or about $53 billion, offer for the payments company that was once seen as the crown jewel of American financial technology, Reuters reported in July, citing sources.
