JPM | US Special Situations Daily: July 15, 2026: North America Special Situations Specialist Commentary

研报英文原文证据摘录

JPM | US Special Situations Daily: July 15, 2026: North America Special Situations Specialist Commentary

Neetu Jhamb - Specialist Sales - US Special Situations AC (1-212) 272-5971 North America Specialist Sales J P M O R G A Nneetu.jhamb@jpmorgan.com

J.P. Morgan Securities LLC 15 July 2026

JPM | US Special Situations Daily: July 15, 2026

Neetu Jhamb

(212) 622 5042

Special Sits Today

• News: Stripe and Advent have reportedly offered to acquire PayPal, LION reported to explore sale

• Research: CZR, MGM

• Flows :Two way flows: BSX Buyers: HUN, EA, GBTG, QXO, RAMP Sellers: KSI, WBD, TCBK, ACA, JONEU,

NUVL

• Events Today: CPRX-Expected Close ; ARX/SHEL (Final Order Hearing at 12 PM ET)

News & Press

• PYPL: Reuters is reporting that Stripe and private equity firm Advent International have reportedly offered to acquire PayPal

for over $53 billion ($60.50/share, a ~28% premium), backed by ~$50 billion in committed bank financing. The two firms

would jointly own PayPal with equal stakes and have no plans to break it up. The bid comes as PayPal struggles with

modernizing its technology, losing market share to rivals like Apple and Alphabet, and planning significant workforce

reductions under new CEO Enrique Lores. The bid follows earlier expressions of interest and PYPL has been reluctant to

engage. Link

PYPL: Some thoughts from ROB O’DWYER

• PayPal’s core business has stagnated: user growth plateaued, take rate under pressure, and competition from Apple Pay,

Square, and Stripe intensified.

• Recent quarters show declining active accounts and muted transaction volume growth (LSD% branded growth - actually

negative in real terms)

• Presumably the industrial rationale from a Stripe/Advent pov is something like: Stripe can leverage PayPal’s merchant