Advent and Stripe abandon $50 billion plus bid for PayPal
Business
Advent and Stripe have decided to drop their more than $50 billion bid to buy PayPal.
Talks broke down after PayPal said the offer wasn't enough, and even though there were some efforts to renegotiate, Advent and Stripe ended up calling it quits.
PayPal shares rose more than 40%
PayPal, a longtime player in online payments, has been under pressure from big names like Apple Inc. and Alphabet Inc..
After its stock took a hit earlier this year, buyout rumors helped push shares up by more than 40% this quarter, bumping its value to $52.6 billion.
With the deal off for now, what's next for PayPal is still up in the air.