- EVO Payments Inc EVOP has refused a takeover offer from Shift4 Payments Inc FOUR, Bloomberg reports.
- The financial terms of the offer remain undisclosed. The approach coincides with heavy consolidation in the payments sector, which increased before the pandemic accelerated the shift away from cash.
- Companies that have benefited from the trend have sought to take advantage of their surging stock prices to help fuel acquisitions.
- PayPal Holdings Inc's PYPL takeover approach to Pinterest Inc PINS was a recent example of that strategy.
- Price Action: EVOP shares traded higher by 6.80% at $25.69 in the market session on the last check Wednesday.
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