PayPal's board is reported to consider inadequate a joint takeover bid from payments company Stripe and private equity firm Advent International, which offered $60.50 a share for the company, valuing it at more than $53bn.
According to Reuters, which cited people familiar with the matter, Stripe and Advent International made the joint approach to acquire PayPal. The offer was reported on 15 July and carries roughly $50bn of committed bank financing from J.P. Morgan.
Payments specialists who commented on the proposed deal were largely drawn to what a combined business could build together. However, each of them pointed to the same obstacle: the integration challenge posed by merging two large, complex payments organizations, rather than any concern about the underlying technology.
PayPal's board has not disclosed further details on its rejection or on any counter-terms it may seek. No timeline for further negotiations or a revised offer has been reported.
For more details, see the original report at The Fintech Times.
