PayPal shares surged more than 16% on Wednesday after reports that privately held payments company Stripe and private equity firm Advent had offered about $53 billion to acquire the digital payments group, a proposal that immediately sparked debate over whether the bid adequately reflected the company's value.
Among the critics was investor Michael Burry, best known for predicting the 2008 US housing market collapse. In a post published Wednesday on his subscription newsletter, Burry called the reported $60.50-a-share proposal 'simply too low', arguing that any successful takeover would require a higher premium to reflect PayPal's long-term intrinsic value.
