PayPal tumbles after report Advent-Stripe consortium drops takeover pursuit

Payments company PayPal's shares PYPL.O fall 13% to $53.5 premarket

A consortium of buyout firms Advent and Stripe has dropped its pursuit of the co, Bloomberg News reports

The consortium had reportedly offered $60.50 per share, which valued PYPL at more than $53 billion

PayPal's board viewed the takeover bid as inadequate, per prior reports

The bid came as co was struggling to compete with rivals and sought to revive its flagging share price

Nine of 46 brokerages rate the stock "buy" or higher, 34 "hold" and three "sell"; median PT is $59 - LSEG data

As of last close, stock up 5.3% YTD, compared with a 14.2% increase in the Nasdaq composite index .IXIC