Stripe, Advent’s PayPal acquisition plans reportedly fall through
PayPal reportedly rejected a takeover offer last month over concerns it undervalued the fintech. Read more: Stripe, Advent’s PayPal acquisition plans reportedly fall through
PayPal turned down a takeover bid from Stripe and private equity firm Advent International last month, citing concerns over the offer's undervaluation, according to Bloomberg News. The deal fell through, as reported by Bloomberg. The potential acquisition, valued at $60.50 per share, would have priced PayPal at over $53 billion, a 28% premium to its mid-July share price.
Despite the rejection, PayPal's shares surged nearly 10% in the past month, reaching a market capitalization of $52.5 billion. The fintech also reported a 5% increase in net revenue in the second quarter. Earlier this year, PayPal appointed Enrique Lores as its new CEO, replacing Alex Chriss, whose performance was deemed unsatisfactory. Talks of a Stripe acquisition of PayPal had been ongoing for months.
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