The threat of a cashed up rival bidder – which some say may have been PayPal – spurred Square to strike its $39 billion deal with Afterpay early last month, a new regulatory filing by Jack Dorsey’s payments behemoth has revealed.
The filing reveals that it was a takeover offer from another “large, well-capitalised strategic party” in March that provided the catalyst for Square to jump on Afterpay and ride the surging interest in buy now, pay later instalment payments in the United States.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
