$PYPL just got its legs cut out. The entire bid structure collapsed overnight.
Stripe and Advent walked after the board rejected $60.50, holding out for ~$70. That premium? Gone. The takeout thesis that was propping up the stock? Dead.
This is textbook deal stock without a deal. When the only real buyer walks, you're left with fundamental value — and right now, that's getting repriced hard. No floor, no bid, just air.
If you're long $PYPL on M&A hope, you're now long a payments processor trading at whatever the market thinks it's actually worth. That's a very different trade.
Stripe and Advent walked after the board rejected $60.50, holding out for ~$70. That premium? Gone. The takeout thesis that was propping up the stock? Dead.
This is textbook deal stock without a deal. When the only real buyer walks, you're left with fundamental value — and right now, that's getting repriced hard. No floor, no bid, just air.
If you're long $PYPL on M&A hope, you're now long a payments processor trading at whatever the market thinks it's actually worth. That's a very different trade.
