PayPal Holdings Inc.
(NASDAQ:PYPL) shares tumbled sharply, falling over 12% in overnight trading following reports that a consortium led by Stripe and Advent International has abandoned its $53 billion takeover pursuit.
However, despite the steep drop, some market watchers are applauding PayPal's board for rejecting the "inadequate offer" and preserving "meaningful upside" for existing shareholders.
Defending 'Meaningful Upside' The buyout group had reportedly tabled a bid of $60.50 a share for the digital payments giant in mid-July.
PayPal's board ultimately rejected the proposal, as reported by Reuters, deeming it insufficient and noting potential regulatory and financing hurdles.
