PayPal advises shareholders to reject TRC Capital's mini-tender offer
Justin Sullivan


PayPal (NASDAQ:PYPL) said Friday it was notified of an unsolicited mini-tender offer by Canadian investment firm TRC Capital to buy up to 2M PYPL shares, representing significantly less than 1% of its outstanding stock.
The offer price of $71.36/share is 3% lower than PayPal's last close ($73.55 on Friday).

PayPal (PYPL) advised its shareholders not to tender their shares in response to TRC's offer, given its low price and the offer being subject to conditions including TRC obtaining financing for the same.
Shareholders who already tendered stock may withdraw them at any time prior to the expiration of the offer, which is scheduled for 12.01 am ET on March 22.
Earlier, PayPal and Galaxy Digital co-led a $20M seed funding round for Chaos Labs.