PayPal + Stripe/Advent: Perspectives on top 10 FAQs from investors, and implications for V, MA, Adyen, Block

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PayPal + Stripe/Advent: Perspectives on top 10 FAQs from investors, and implications for V, MA, Adyen, Block

16 July 2026

Payments, Processors & IT Services

PayPal + Stripe/Advent: Perspectives on top 10 FAQs from

investors, and implications for V, MA, Adyen, Block

Following news reports late on Tuesday that Stripe and Advent have submitted a $60.50/ Harshita Rawat, CFA

+1 917 344 8485 share bid for PayPal, CNBC reported Block may be reportedly involved in this deal. As per

harshita.rawat@bernsteinsg.com CNBC, Stripe, Advent and Block are contributing $17B in equity for the offer (see here). As

per the news reports, PayPal’s board is expected to meet on July 20th to discuss the offer.

Simran Ratani

+1 917 344 8329 Lastly, PayPal has reportedly also been working with Goldman Sachs and Evercore in recent

simran.ratani@bernsteinsg.com months to evaluate alternatives including a potential sale / breakup (see link). Over the last

24 hours, we have conducted calls with several investors. In this note, we discuss

Viola Chen our perspectives on the key FAQs emerging from these conversations.

+1 917 344 8614

viola.chen@bernsteinsg.com

#1: WILL THE BOARD ACCEPT THE OFFER AND AT WHAT PRICE?

As we highlighted in our note yesterday, we believe it is unlikely that the board accepts

a bid that doesn't incorporate a more significant deal premium on PayPal’s near all-

time low valuation, considering its fortress balance sheet, strong cash generation and low-

hanging fruit of cost cuts. We fully expect the board to also deeply consider other strategic

options e.g., selling Braintree, other smaller assets and potentially the crown jewel (Venmo)

- more on that below.

What could be an acceptable price? Hard to say, but it is possible that a price of at least