PayPal shares fell more than 15% in pre-market trading to $52.50 after Advent International and Stripe abandoned their buyout plan. According to Sina Finance, Bloomberg cited anonymous sources as saying the two firms are no longer pursuing the deal.

PayPal had risen more than 42% this quarter on expectations that a takeover could be completed. Advent International and Stripe made a buyout offer in July at $60.50 per share, valuing the company at about $53 billion. People familiar with the matter said PayPal viewed the offer as too low. Bloomberg also reported that Advent International and Stripe could reconsider a bid if market conditions change. PayPal had no immediate comment, while Stripe declined to comment on market rumors and Advent International declined to respond.