Source: Cointelegraph
Original: (Report: Ripple's proposal to acquire Circle for $4 billion to $5 billion was rejected)
Blockchain payment company Ripple reportedly offered up to $5 billion in an attempt to acquire stablecoin issuer Circle, but the proposal was rejected.
According to a Bloomberg report on April 30, Ripple made a $4 billion to $5 billion acquisition offer in an attempt to take over Circle, but it was rejected due to the low bid. Ripple has yet to consider whether to make another acquisition proposal for the stablecoin issuer.
It is reported that this acquisition attempt occurred less than 30 days after Circle applied for an initial public offering (IPO) in the U.S. Cointelegraph has contacted representatives of Circle and Ripple for comments, but has not received any response as of the time of publication.
It is reported that Ripple's valuation in 2024 is $11 billion, but CEO Brad Garlinghouse stated in January that this estimate is 'outdated.' This blockchain company acquired major broker Hidden Road for about $1.2 billion in April, stating that the move would help expand the scale of XRP and XRP Ledger activities.
As Ripple begins to resolve its legal disputes with U.S. regulators, it remains unclear whether the company intends to continue pursuing the acquisition of Circle.
In August 2024, the court ruled that Ripple must pay $125 million in the case first brought by the U.S. Securities and Exchange Commission (SEC) in 2020. However, Garlinghouse announced in March that the SEC planned to withdraw its appeal of that ruling, and Ripple subsequently stated it would pay a net $50 million to settle the lower court's judgment.
Both statements were released after Garlinghouse met with Ripple's Chief Legal Officer Stuart Alderoty and U.S. President Trump. The blockchain company donated $5 million to Trump's inauguration fund after his victory, and the two executives attended the event as official guests on January 20.
Related: The U.S. Securities and Exchange Commission (SEC) terminates investigation into PayPal stablecoin.
