Advent International and Stripe have reportedly ended their pursuit of PayPal after making an offer worth more than US$50 billion.
Bloomberg reported the decision, citing unnamed people familiar with the matter.
The bidders could still revive their interest at a later stage.
Reuters reported in July that Stripe and Advent had offered US$60.50 per share, valuing PayPal at more than US$53 billion.
The board reportedly considered the price inadequate while also weighing financing certainty, regulatory risks and the time required to complete a transaction.
PayPal shares fell 12.7% following the latest report, closing at US$53.66 on 28 August.
The acquisition interest followed a decline in PayPal’s market value as the payments group faced slower growth and increasing competition from services including Apple Pay and Google Pay.
PayPal is now working to restore growth under CEO Enrique Lores, who took over in March.
The company has reorganised its operations into separate divisions focused on checkout, consumer financial services and Venmo, and payment services and crypto.
PayPal, Advent and Stripe declined to comment.
Featured image: Edited by Fintech News Singapore, based on image by aistation70 via Magnific
