PayPal Denies Pursuing Acquisition Of Pinterest After Report Of $45 Bn Deal
A source told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest.
Topics
PayPal | Pinterest | Social Media
PayPal
PayPal Inc is not pursuing an acquisition of Pinterest Inc at this time, the payments company said on Sunday, responding to media reports that it was in talks to buy the digital pinboard site for as much as $45 billion.
Pinterest did not immediately respond to a Reuters request for comment outside of business hours.
Bloomberg News first reported on the companies' talks last week that was later confirmed by Reuters. A source at that time told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest.
At that price, a deal would have been the biggest acquisition of a social media company, surpassing Microsoft Corp's $26.2 billion purchase of LinkedIn in 2016.
PayPal did not provide additional details in its statement.
It also did not respond to a request for comment seeking details about possible talks with Pinterest.
PayPal shares are down about 11.5% since the talks emerged, while Pinterest is up about 4.5%.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Mon, October 25 2021. 13:28 IST
HSBC Swings The Axe At UK Wealth In An AI Push
HSBC is preparing deep job cuts across its UK wealth management arm. It plans to cut about half of its management and sp... Read more
Kraken's Owner Buys A Bank: The Lines Are Blurring
Payward, the parent company of the crypto exchange Kraken, has agreed to buy a European bank. It would be the first digi... Read more
Revoluts Australian Banking Licence Game Changer
Revolut has spent much of its life insisting that it is more than a bank. In Australia, it has now decided that becoming... Read more
The AI Bank Is Coming, But Who Controls The Risk?
Artificial intelligence is no longer something banks discuss as a distant possibility. It is already working behind the ... Read more
ClearBank UK Profit Leads To European Growth
ClearBank has spent much of the past decade building the technology and regulatory infrastructure needed to challenge so... Read more
Bank Of London Continues To Rebuild
ClearBank’s progress shows that modern clearing and banking infrastructure can become a sizeable and profitable busine... Read more