NEW YORK, Aug. 15 -- PayPal Holdings' board looked at the $60.50-per-share offer Stripe and Advent International put on the table in July and decided the number was wrong.

The payment giant rejected the opening bid. The proposal, which valued PayPal at roughly $53 billion and carried approximately $50 billion in committed bank financing, was insufficient, and the consortium was sent back to negotiate, according to Engadget. Talks are continuing at a higher, undisclosed per-share price, and people familiar with the matter say a deal announcement could come within weeks, provided both sides can close the gap. The negotiations could still collapse.

PayPal, once valued at $320 billion at the height of pandemic-era e-commerce, has spent thre...