WASHINGTON (dpa-AFX) - Shares of PayPal Holdings Inc. (PYPL) are up 15% on Wednesday morning after reports said Stripe and private equity firm Advent International have made a joint cash offer to acquire the digital payments company in a deal valued at about $53.4 billion.
According to Reuters and CNBC, the offer values PayPal at $60.50 per share, representing a roughly 28% premium to Tuesday's closing price. The proposal, submitted earlier this month, is backed by about $50 billion in committed bank financing.
Under the proposal, Stripe and Advent would jointly own PayPal, with each holding an equal stake, rather than breaking up the company. The parties are reportedly seeking to advance discussions in the coming weeks, although there is no certainty a transaction will be completed.
PayPal's board is expected to meet as soon as July 20 to discuss the offer, CNBC reported.
PYPL is currently trading at $54.87, gaining 15.83% or $7.50, on the Nasdaq. The stock opened at $54.85, compared with its previous close of $47.37.
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