New West Coast Tech Suitor Eyes PayPal After Stripe-Advent Talks Collapse
PYPL sits 38% above its 52-week low of $38.46 on light trading volume (0.2× avg).
Summary
PayPal is back in play. A U.S. West Coast technology company is reportedly evaluating an all-stock takeover of the fintech firm, according to a Betaville alert cited by traders. This comes after the Stripe-Advent consortium formally walked away last month. The PayPal board is said to want an all-cash deal, while the prior consortium had considered paying as much as $68 a share in cash before talks hit a snag over a $2 billion break fee. The stock rose 1.2% on the news. With a market cap around $45 billion, a new bidder could reignite a bidding war. Watch for confirmation from the company or the potential acquirer.
At the time of this announcement, PYPL was trading at $53.03 on NASDAQ in the Finance sector, with a market capitalization of approximately $45.4B. The 52-week trading range was $38.46 to $79.22. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.