PayPal shares plunged as much as 16% in premarket trading Friday, the most in months if the losses hold through the cash session, after a consortium led by private-equity firm Advent International and payments giant Stripe abandoned its takeover bid for the struggling payment processor.

Bloomberg reports that the consortium offered more than $50 billion for PayPal in what would have been one of the largest leveraged buyouts in history.

As per the report:

The group is no longer pursuing a deal for PayPal, the people said, asking not to be identified because the information is private. It had previously offered more than $50 billion for the company, people with knowledge of the matter have said.

PayPal reportedly rejected the $50 billion offer, betting that Advent and Stripe would return to the negotiating table with a higher price. Instead, the consortium walked away. 

Takeover interest in PayPal first came to light in a February Bloomberg article, which reported that Stripe was considering acquiring all or part of PayPal. Reuters then reported on July 15 that an offer had been made, helping to catapult the stock up roughly 30% (as of Thursday's close). 

News this morning that the consortium has walked away sent shares crashing as much as 16%, threatening to wipe out much of the stock's gains over the past month and a half.

Meanwhile, PayPal is in the middle of a turnaround strategy and has brought in the former CEO of HP. The stock is trading at 2018 levels.