PayPal shares tumbled premarket following a Bloomberg report that Advent International and payment processor Stripe have abandoned attempts to buy the company.

Shares in PayPal fell more than 15% premarket to $52.50 a share. They had risen more than 42% so far this quarter on investor hopes that a takeover offer would be agreed.

Advent and Stripe made an offer of $60.50 a share for PayPal in July, valuing the company at around $53 billion, The Wall Street Journal reported earlier this month.

The pair are no longer pursuing a deal, according to unnamed sources cited by Bloomberg.

PayPal viewed the offer as insufficient, people familiar with the matter told the Journal. The market value of the company has cratered in recent years after hitting a Covid-era peak of more than $280 billion.

Advent and Stripe could reconsider PayPal if the situation changes, the Bloomberg report said.

PayPal didn't immediately respond to a request for comment. Stripe said it doesn't comment on rumors or speculation, while Advent declined to comment.