Jon Najarian Says Square Passed All Of The Competition With Its Afterpay Acquisition, Owns Call Options

Market Rebellion co-founder Jon Najarian still owns call options in Square Inc SQ after rolling into higher strike prices twice following its recent surge, he said Monday on CNBC's "Fast Money Halftime Report."

What Happened: Square announced that it agreed to acquire all of the issued shares in Afterpay by way of a recommended court-approved Scheme of Arrangement. The transaction has an implied value of approximately $29 billion. 

Najarian's Take: This is the biggest deal that Square CEO Jack Dorsey has ever done, Najarian told CNBC. Dorsey doesn't want to make the same mistake that he made when he passed on the opportunity to buy Facebook Inc's FB Instagram, he added.

Najarian described the acquisition as "transformational" for Square and said that it puts the payments company ahead of PayPal Holdings Inc PYPL and all the other competitors in the space. 

Related Link: Square To Acquire Buy-Now, Pay-Later Firm Afterpay In $29B Stock Transaction

Price Action: Square has traded as high as $283.18 and as low as $125.36 over a 52-week period.

At last check Monday, the stock was up 10.16% at $272.38.

Photo: Courtesy of Square.