BUZZ-PayPal jumps after report of over $53 bln buyout offer from Stripe, Advent

PayPal Holdings, Inc.

PayPal Holdings, Inc.

PYPL

0.00

** Digital payments platform PayPal PYPL.O jumps 15.7% to $54.83 in premarket trading

** Stock set to open at nearly six-month high if gains hold

** Payments company Stripe and private equity firm Advent International have jointly offered to buy PYPL for over $53 billion, Reuters reports

** The offer of $60.50 per share, represents about 28% premium to co's last closing price

** Proposal follows an initial approach made in early April, as per sources

** PayPal's market cap plunged from a 2021 peak of ~$360 billion to ~$36 billion this year as slowing growth and competition in digital payments erased most of its pandemic-era gains

** 10 out of 46 brokerages rate the stock "buy" or higher, 31 "hold", five "sell"; their median PT is $48 - LSEG data

** Up to last close, stock is down 18.6% YTD


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