Stripe and Advent abandon pursuit of PayPal after valuation gap

Bloomberg reported that Stripe and Advent had dropped their pursuit of PayPal after the two sides could not agree on the company's value. The collapse ends the $60.50-a-share approach from July, which had been about 28% above the prior close. PayPal shares fell as much as 16% in premarket trading on August 28, according to reports carried by the Irish Times.

• Consortium walked away from the roughly $50 billion-plus approach
• Reported reason: the two sides could not agree on PayPal's value
• Shares fell as much as 16% in premarket trading on August 28
• The July offer was $60.50 per share