[PayPal's suitors walked away](https://www.marketwatch.com/story/paypals-stock-sinks-as-suitors-reportedly-walk-away-from-their-takeover-bid-b943e5ec?mod=mw_rss_topstories) from the takeover bid. That's not a PYPL story — it's a *macro signal* about how acquirers value cash flows when rates are sticky at 4.2% on the 2Y. When strategics abandon deals mid-negotiation, they're not saying "your business is bad." They're saying "at 4.2% risk-free and a 47bp 10Y-2Y spread, paying a 25-35% premium for

Research these companies