PayPal Holdings Inc. (NASDAQ: PYPL) saw its shares jumped by as much as 9% on Monday morning, fueled by reports of takeover interest from potential buyers. The surge followed a Bloomberg report revealing that the San Jose, California-based payments giant has drawn unsolicited acquisition interest, sparking significant market activity.
Trading in PayPal shares was temporarily halted due to heightened volatility. According to Bloomberg, insiders familiar with the situation disclosed that PayPal has already engaged in discussions with banks to explore its options. While at least one major competitor is reportedly considering acquiring the entire company, other interested parties are focusing on specific PayPal assets.
However, sources emphasized that these discussions are still in the early stages and may not necessarily lead to a deal. When approached for comment, a PayPal representative declined to provide any statements.
This potential takeover buzz comes at a critical time for PayPal, as the company has faced a steep decline in its stock value over the past year. Over the last 12 months, PayPal’s shares have plummeted by approximately 46%, reducing its market capitalization to around $38.4 billion.
The sharp rise in PayPal’s stock price reflects investor optimism about the possibility of a deal, offering a glimmer of hope after a challenging year for the payments company.
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