PayPal board rebuffs $53bn Stripe and Advent bid as too low, sources say
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.
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