PayPal’s board reckons that a $53bn (£39bn) joint takeover approach from Stripe and the private-equity firm Advent International sells the payments pioneer short, the latest twist in a fast-moving round of payments consolidation.
People familiar with the talks told Reuters the directors view the offer as inadequate and have yet to respond formally.
The approach values PayPal at $60.50 a share, a premium of roughly 28% over its $47.37 close the day before the news broke.
It would be the boldest move yet by Stripe, the privately held payments company reportedly valued at about $159bn, whose founders have long circled the public markets without joining them.
Word of the bid sent PayPal stock up about 19% to $56.60 in early trading, per market reports. That is a rare jolt for a company whose shares have shed more than 40% over the past year.The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!
