PayPal Holdings IncStripe and Advent International made a $53 billion buyout offer at a 28% premium.
Tech stocks turned lower in mixed equity markets on Wednesday while oil prices slipped back from recent gains. PayPal surged as much as 13 percent on reports that Stripe and Advent International made a joint offer to buy the digital payments pioneer in a deal worth a reported $53 billion, or $60.50 a share, a premium of about 28 percent over Tuesday's close. The Philadelphia semiconductor sector index fell more than four percent, even as Seoul's Kospi closed up more than six percent on an 8.8 percent rally in chip giant SK hynix. Brent crude shed 1.2 percent despite fresh US attacks on Iran and a reimposed naval blockade, with analysts citing a view that President Trump's rhetoric is a negotiating strategy rather than a precursor to hard-line military action. Wall Street's major indexes were modestly higher after an improved US inflation reading, with the producer price index slipping 0.3 percent month-on-month in June.
PayPal Holdings IncStripe and Advent International made a $53 billion buyout offer at a 28% premium.
SK Hynix IncSK Hynix rallied 8.8% on the Kospi, but the article does not specify a company-specific driver; the move is part of a broader chip sector rally.
Advent International is part of the joint offer to buy PayPal, a significant M&A deal.
Stripe is part of the joint offer to buy PayPal, a significant M&A deal.