eBay is buying PayPal!
The deal calls for PayPal shares to be converted into 0.39 shares of eBay, which at Friday's closing prices values PayPal at $1.5 billion.
The offered price would give PayPal shareholders $23.61 of eBay stock for each PayPal share, based on eBay's closing price of $60.55 on Friday on the Nasdaq Stock Market. That is an 18.1 percent premium over PayPal's closing price of $20 a share Friday on Nasdaq.