PayPal Shares Plunge 16% After Advent and Stripe Drop Takeover Pursuit
Updated
Updated · CNBC · Aug 28
PayPal Shares Plunge 16% After Advent and Stripe Drop Takeover Pursuit
3 articles · Updated · CNBC · Aug 28
Summary
PayPal fell nearly 16% in premarket trading after Bloomberg reported Advent and Stripe had decided not to pursue an acquisition of the payments company.
The abandoned approach erased hopes for what sources said could have been one of the largest leveraged buyouts, driving the sharp selloff.
The drop deepened from an earlier 13% premarket decline reported overnight as investors absorbed the collapse of the potential deal.
Elsewhere in active premarket trading, Affirm rose 13% and Gap gained nearly 15%, underscoring how deal news and earnings guidance were steering stock moves.