PayPal shares soar following takeover report

Summary

CNBC's MacKenzie Sigalos reports on a takeover bid for PayPal by Stripe, Advent International, and Block. The offer values PayPal at over $53 billion, representing a 28% premium, and shares surged as much as 20%. The report quotes sources saying the board may meet on July 20 to discuss the bid, though no deal is certain.

• PayPal shares soared following a report that Stripe, Advent, and Block made a takeover offer.
• The bid values PayPal at more than $53 billion, a 28% premium to the prior close.
• Stripe and Advent would each hold equal stakes in the privatized company.
• Jack Dorsey's Block would contribute part of $17 billion in equity, with ~$50 billion in bank financing.
• The PayPal board could meet as soon as July 20 to discuss the bid.
• PayPal has struggled to revive growth, issued weak profit guidance, and recently replaced its CEO.