[Insurance]

United States television personality and Mad Money host Jim Cramer was left unimpressed with Square’s blockbuster acquisition of Afterpay, branding the deal as “Overpay”. Jim Cramer isn’t impressed with the Square-Afterpay deal.  While both the Australian and US markets cheered the $39 billion deal, the largest Australia has ever seen, Mr Cramer told his band of TV followers to lighten their Square holdings as its shares jumped 10 per cent on Monday after trading lower pre-market. “I just feel that when you buy a stock in an all-stock deal and you make a lot of money, that’s very lucky,” Mr Cramer said on CNBC. “And sometimes it’s better to be lucky than good. But if I owned Square, I would take something off the table right here.” Local investors in Afterpay, however, were much more optimistic about the deal, pointing to its strategic rationale to grow Afterpay and help Square connect its retail users and merchant platforms. At midday in Sydney on Tuesday, Afterpay shares were trading 12.3 per cent higher at $128.90, pegging themselves to Square’s strong gains. Nick Molnar also appeared on Mr Cramer’s CNBC program, Squawk on The Street, along with Amrita Ahuja, Square’s chief financial officer. Mr Cramer asked about the crowded space and why Mr Molnar had decided to “cash out now”. “To think about the inflection of where we are on our growth curve right now – we are growing very strongly off a really large base – it is an incredible opportunity for us to expand, particularly in the US, where we have only been for three years but it is already contributing 50 per cent of our sales volume,” Mr Molnar explained. Mr Cramer asked Ms Ahuja why Square never bought Affirm, a US-based lender that has adopted buy now, pay later and which listed on the Nasdaq in January. She said Afterpay’s gross profit growth of 96 per cent was accretive to Square, which is growing at 91 per cent, “our highest growth quarter as a public company”, and the interest-free business model was “better suited to our view and our purpose of economic empowerment”. Mr Cramer is a shareholder in PayPal, which he said was a “great” company, while he described Square as a “good” company, noting the market punished PayPal for slower growth last week. Other US commentators were also raising questions about the deal. US venture capital investor Peter Cohan said, in an article published by Forbes , that Square had overpaid for Afterpay, parting with 30 per cent of its market capitalisation in stock for a company yet to make profits. “Why not just form a partnership with Afterpay instead of paying $US29 billion to acquire it, a 31 per cent premium over its market value? Given that Afterpay is burning through cash, it is hard to envision a scenario in which this expensive deal would pay for itself.” Mr Cohan suggested the scenarios where the deal could be made to work would involve cutting Afterpay’s costs and boosting its revenues enough to create positive net cash flow, or ensuring Afterpay adds enough revenue to Square’s homepage top line that Square beats forecasts and lifts its stock price. Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.

https://www.afr.com/companies/financial-services/overpay-not-afterpay-cramer-dumps-on-square-deal-20210803-p58fdk

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https://www.theguardian.com/us-news/2021/jul/22/arizona-sham-audit-rumbles-on-but-could-it-backfire-on-republicans