{"text":[[{"start":10.7,"text":"Payments start-up Stripe and private equity group Advent International have launched a joint bid to acquire New York-listed PayPal in a deal that would value the company at about $53bn."}],[{"start":22.7,"text":"Stripe, led by brothers Patrick and John Collison, made the offer of $60.50 a share this month, said two people familiar with the matter."}],[{"start":31.95,"text":"However, the price offered is a steep discount to the valuation at which PayPal traded just a year ago, and there are no signs PayPal has engaged with the offer, said the people."}],[{"start":41.9,"text":"The bid represents a premium of about 28 per cent to PayPal’s closing price on Tuesday and is backed by $50bn in committed bank financing, according to the people."}],[{"start":52.05,"text":"The bid follows an earlier expression of interest. The people familiar with the offer cautioned that PayPal had so far been reluctant to engage with the two suitors."}],[{"start":62.199999999999996,"text":"They added that a deal was unlikely to materialise at the proposed valuation, as recently appointed chief executive Enrique Lores pursues a turnaround."}],[{"start":72.14999999999999,"text":"The online payments group’s share price has slid 19 per cent this year and traded in the $70 range a year ago."}],[{"start":79.49999999999999,"text":"The stock is down 84 per cent from its 2021 peak as growth has slowed and rivals, including Apple Pay, Shop Pay and Klarna, have pushed into the payments space."}],[{"start":91.64999999999999,"text":"PayPal and Advent declined to comment. Stripe did not immediately respond to a request for comment. The approach by Stripe and Advent was first reported by Reuters."}],[{"start":102.74999999999999,"text":"Any deal would be transformative for Stripe, which was valued at $159bn in a February tender offer and has been repeatedly tipped as a potential initial public offering candidate, though John Collison has said the company is in no rush to list."}],[{"start":118.74999999999999,"text":"Adding PayPal would bring Stripe a consumer-facing checkout brand with more than 400mn users. The people familiar with the matter said Stripe and Advent intended to jointly own PayPal."}],[{"start":132.25,"text":"Advent has a deep record in payments companies, having previously backed Worldpay, Vantiv and Nexi."}],[{"start":146.1,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1784106710_8210.mp3"}