PayPal sinks as Stripe-Advent group drops its $50 billion buyout pursuit
-12.71% to $53.66 from $61.47
What moved PYPL
- A Stripe- and Advent International-led consortium, which also included Block, has abandoned its pursuit of PayPal after offering more than $50 billion, or $60.50 per share, for the company.
- PayPal’s board reportedly considered the offer too low and had not yet formally responded before the group walked away.
- Shares fell as much as 16% in premarket trading Friday on the news, with the stock later trading down double digits during the session.
- Representatives for Stripe, Advent and PayPal all declined to comment on the report.
Sources: Bloomberg · 24/7 Wall St. · PYMNTS.com