Stripe and Advent abandon $50 billion bid for PayPal

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PayPal stock tumbled as much as 16% in premarket trading Friday after the consortium walked away from what would have been one of the largest leveraged buyouts ever

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Stripe and Advent International have abandoned their pursuit of PayPal $PYPL Holdings. The consortium had offered more than $50 billion for the payments company, according to Bloomberg, citing unnamed sources.

PayPal stock fell as much as 16% in premarket trading Friday after the news. Representatives for Stripe, Advent, and PayPal all declined to comment.

Stripe and Advent abandon $50 billion bid for PayPal

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