PayPal surges after Bloomberg report of takeover interest

Shares of PayPal (PYPL) were rising after Bloomberg’s Ryan Gould, Matthew Monks, Dinesh Nair, and Paige Smith reported that the company is drawing takeover interest from possible suitors after a stock slide wiped out nearly half of its value, according to people familiar with the matter. The company has fielded meetings with banks amid unsolicited interest from buyers, with at least one large rival eyeing the whole company and others only interest in certain assets, sources told Bloomberg. Shares of PayPal are up 6.3% in late morning trading.