PayPal’s shares sit more than 80% below their peak, attracting a $53bn joint offer from Advent International and Stripe at $60.50 per share – a 28% premium to the recent close but below levels seen in December. The bid values the company at a bargain given its $5.6bn free cash flow and modest $2bn net debt, allowing the buyers to recoup equity in under two years. PayPal’s core branded checkout is losing share to Apple and Google Pay, while Venmo remains unprofitable.

New CEO Enrique Lores is cutting costs, restructuring around three units, and refocusing on consumers, which could improve performance or make a breakup easier. The board now has optionality: the reorganisation may boost the standalone business or attract higher bids for individual divisions. Advent and Stripe’s lowball offer may not succeed but will pressure Lores ahead of Q2 results, giving shareholders a chance to “shop around.”.