PayPal (PYPL) stock gained up to 20% in premarket trading on Wednesday following reports of a more than $53 billion takeover proposal from Stripe and Advent International.

The bid, which would offer shareholders $60.50 per share, comes as PayPal restructures its business and as consolidation accelerates across the payments industry, Reuters reported Tuesday.

The offer was made earlier this month with approximately $50 billion of committed financing and represents a 28% premium to PayPal’s closing share price, according to the report.

The proposal follows a previous approach in April and would see Stripe and Advent each own half of PayPal. No agreement has been reached as of press time.

PayPal has been attempting to reverse slowing growth after years of increasing competitive pressure and a sharp decline in valuation from its pandemic-era peak.

Under CEO Enrique Lores, the company has reorganized its operations, implemented leadership changes, and announced AI-driven efficiency measures designed to save $1.5 billion over the next several years.

Stripe and PayPal compete in the online payments market, offering businesses tools to accept card payments and other digital payment methods. While some merchants use both platforms, Stripe is typically preferred for SaaS businesses, marketplaces and customized payment flows, whereas PayPal’s strong consumer recognition makes it a popular checkout option.

If completed, the deal would rank among the largest recent transactions in the payments industry, where firms are seeking greater scale and exposure to higher-growth payment segments.

The acquisition would also expand Stripe’s footprint as one of the world’s most valuable privately held fintech companies.