Sources: Advent and Stripe are no longer pursuing a deal to acquire PayPal; the group offered to pay $60.50/share in July, valuing PayPal at $53B (Bloomberg)

Advent and Stripe have dropped their effort to acquire PayPal after previously proposing a $60.50-per-share offer that valued the company at roughly $53 billion. The consortium’s withdrawal ends a pursuit that had targeted a deal exceeding $50 billion. PayPal’s shares fell 12.71 percent following the news.