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fliptop [soylentnews.org] writes:

PayPal shares plunged as much as 16% in premarket trading Friday, the most in months if the losses hold through the cash session, after a consortium led by private-equity firm Advent International and payments giant Stripe abandoned its takeover bid for the struggling payment processor [bloomberg.com] (paywalled, use Reader mode in Firefox):

A consortium of buyout firm Advent [bloomberg.com] and payment processor Stripe [bloomberg.com] has decided to abandon its pursuit of fintech pioneer PayPal Holdings Inc. [bloomberg.com], a potential deal that would have ranked as one of the biggest-ever leveraged buyouts, according to people familiar with the matter.

From ZeroHedge [zerohedge.com]:

PayPal reportedly rejected the $50 billion offer, betting that Advent and Stripe would return to the negotiating table with a higher price. Instead, the consortium walked away.

[...] Takeover interest in PayPal first came to light in a February Bloomberg article, which reported that Stripe was considering acquiring all or part of PayPal. Reuters then reported [zerohedge.com] on July 15 that an offer had been made, helping to catapult the stock up roughly 30% (as of Thursday's close).

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