Bill beats back Melio speculation
Summary
In a rare move, to refute what it deemed a “rumor” and said the company “ is not pursuing any such acquisition at this time.” • None “We are very aware of our current situation and the stock price,” Rettig told Autonomous Research Analyst Ken Suchoski of a virtual investor conference. “That’s not how we think about capital allocation.” In response to questions during the webcast, Rettig pointed to Bill’s Nov. 9 news release and declined to comment further on the transaction rumor. Generally, the company is focused on scaling the business and improving margins while also assessing merger and acquisition opportunities, Rettig said. “Our balance sheet is obviously built in order to do acquisitions, but even on a cash basis, we want to see quick payback and strong (return on investment), and ultimately drive accretive results sooner than later,” Rettig said. He noted Bill’s history of M&A, pointing to its 2021 purchase of Divvy for about $2.5 billion, but said “those aren’t the kinds of transactions that we’d be interested in doing in this environment.” “We’re not preoccupied with M&A,” Rettig said.