Several points remain open. The filings and the terms of any takeover interest are not public. A reported offer of US$60.50 a share from Stripe and Advent International this summer has not produced a deal, and PayPal has said only that it would consider any acquisition proposal while staying focused on its turnaround. The reported plan to cut the global workforce by about 20% over the restructuring period, first reported by Bloomberg and the Wall Street Journal in May citing people familiar with the plans, has not been confirmed by the company in the material reviewed. Whether the cost program can produce sustained growth, and whether the double-digit EPS growth ambition is reached, will take multiple years to show.
For attorneys, the near-term items are the workforce reduction and restructuring charges, which will carry employment, severance, and WARN-related questions as the plan executes, and any formal takeover process, which would bring deal, antitrust, and fiduciary issues to the fore. Chair David Dorman, appointed Independent Board Chair with immediate effect, will be the person to watch on governance and any approach from Stripe or Advent. Lores has tied the turnaround to Venmo and Braintree, which he said "were not getting enough attention" and now have more investment, so product and competitive developments in those units are worth tracking alongside the earnings trajectory.