PayPal shares plunged as much as 16% in premarket trading Friday, the most in months if the losses hold through the cash session, after a consortium led by private-equity firm Advent International and payments giant Stripe abandoned its takeover bid for the struggling payment processor (paywalled, use Reader mode in Firefox):
A consortium of buyout firm Advent and payment processor Stripe has decided to abandon its pursuit of fintech pioneer PayPal Holdings Inc., a potential deal that would have ranked as one of the biggest-ever leveraged buyouts, according to people familiar with the matter.
From ZeroHedge:
PayPal reportedly rejected the $50 billion offer, betting that Advent and Stripe would return to the negotiating table with a higher price. Instead, the consortium walked away.
[...] Takeover interest in PayPal first came to light in a February Bloomberg article, which reported that Stripe was considering acquiring all or part of PayPal. Reuters then reported on July 15 that an offer had been made, helping to catapult the stock up roughly 30% (as of Thursday's close).
(Score: 1, Insightful) by Anonymous Coward on Sunday August 30, @07:06AM (1 child)
Play stupid games, win stupid prizes.
(Score: 3, Flamebait) by coolgopher on Sunday August 30, @09:35AM
But, but... we were taught "greed is good"!
(Score: 3, Interesting) by Frosty Piss on Sunday August 30, @12:29PM
Someone made a BUTT-LOAD of cashola shorting PayPal.
(Score: 2) by Snotnose on Sunday August 30, @01:44PM (1 child)
Not since they quit letting me use a credit card to add money.
Being the dumbest idiot in the land and president of the US should be 2 different people.
(Score: 0, Interesting) by Anonymous Coward on Sunday August 30, @02:22PM
FWIW, typically that is a credit card company contract clause.
They don't want you taking out a "cheap" cash advance, at say 3% and 15-20% interest or 0% interest if paid-in-full on the next statement. Normally they charge you 15% on the spot, and interest at a higher 40% per year.
(Score: 3, Interesting) by jman on Tuesday September 01, @04:07PM
The item was advertised as being "new" and "in working order", but was, once the GPU glitched kicked in at boot, anything but. It was clearly defective.
EStray suggested I deal with PreyPal, as that's where the billing was. PreyPal claimed as I'd already received the item, it was now a "warranty issue", and suggested I talk to EStray. No amount of explanation though many, many lengthy calls to both parties got them to accept I most definitely did not receive an item "in working order" as advertised.
I'd already stopped buying things through them while trying to get the issue resolved, but finally, accepting that I wasn't going to get anywhere, paid every penny of my balance except for the exact amount of what they tried to charge me for the defective part, and informed them the account was cancelled.
They tried putting me into collections but thanks to earlier communications to the FTC and other guv't agencies, along with documentation on the recall, they eventually stopped bothering me, no ding on credit.
Won't come within twenty feet of either company now, would be happy to see both of them shut down.