/scanBusiness & economy
Stripe and Advent ended their $53 billion PayPal pursuit. The market had already moved above the offer.
The reported $60.50-a-share proposal sat below PayPal's Thursday close of $61.47. Shares fell sharply after the consortium walked away.
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The proposed deal
Stripe and Advent reportedly offered more than $53 billion, or $60.50 per share, backed by about $50 billion in committed bank financing.
Why price mattered
PayPal closed above the bid before the pursuit ended. No definitive reason for the withdrawal is public, so price is context rather than a confirmed cause.
The market reaction
PayPal fell about 12% after hours to roughly $54. The move removed much of the takeover premium that had entered the stock after the July approach.