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Benzinga
Benzinga
Business
Namrata Sen

PayPal Stock Surges Nearly 15% in Premarket as Stripe and Advent International Reportedly Propose $53 Billion Joint Acquisition

PayPal V Stripe Advent International Advent PYPL PayPal Holdings Inc Michael Burry
Paypal,Signage,,San,Jose,,Ca,,May,6,,2019:,An

Shares of PayPal Holdings Inc (NASDAQ:PYPL) surged 14.86% in pre-market trading on Wednesday following a report that Stripe and Advent International have proposed a joint acquisition of the digital payments firm in a deal valued at over $53 billion.

The proposal for $60.50 per share, backed by close to $50 billion in committed financing from banks, was submitted earlier this month, Reuters reported. That implies a 28% premium to PayPal’s closing share price on Tuesday,

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