PayPal reportedly receives $60.50 per share takeover offer
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- Stripe and Advent International reportedly offered $60.50 per share for PayPal, valuing it above $53 billion.
- PayPal shares rose 13.3% to $53.67 after trading began, following a 16.2% premarket increase.
- Reuters sources said Stripe and Advent plan equal ownership and do not intend to break up PayPal.
PayPal Holdings (NASDAQ:PYPL) reportedly received a $60.50-per-share offer from Stripe and Advent International, valuing it above $53 billion.
Reuters said the proposal carries about $50 billion in committed bank financing and represents a 28% premium to Tuesday’s close.
The bidders would own PayPal equally without breaking it apart, while PayPal has not responded to the approach.
Stripe, Advent and PayPal declined comment, and Reuters said there is no certainty the proposal will produce a transaction.
Following the report, PayPal's share price was up 13.3% at $53.67.
PayPal reported first-quarter revenue of $8.35 billion and currency-neutral payment-volume growth of 8% to about $464 billion.
CEO Enrique Lores is reorganizing PayPal into three units while targeting $1.5 billion in savings over two to three years.
