PayPal stock surges on takeover interest report
PayPal Holdings Inc. (NASDAQ:PYPL) shares surged as much as 9% Monday morning following a Bloomberg report that the payments company has attracted takeover interest from potential buyers.
Trading in PayPal shares was briefly halted due to volatility, News.az reports, citing CNN.
According to Bloomberg News, citing people familiar with the matter, the San Jose, California-based company has held meetings with banks amid unsolicited interest from suitors. At least one large rival is examining a potential acquisition of the entire company, while other interested parties are focused on specific PayPal assets, the people said.
The sources cautioned that buyer interest remains at a preliminary stage and may not result in a transaction. A PayPal representative declined to comment on the report.
The sharp stock movement reflects market reaction to the potential takeover scenario, which comes after a significant decline in PayPal’s share price over the past year. The stock has declined approximately 46% over the past 12 months, bringing the company’s market value to around $38.4 billion.
By Faig Mahmudov
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