EVO Payments Shares Pop As It Opposes Takeover Bid From Shift4 Payments

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.