PayPal Says It Is Not Pursuing Acquisition of Pinterest

Social

PayPal is not pursuing an acquisition of Pinterest at this time, the payments company said, responding to media reports that it was in talks to buy the digital pinboard site for as much as $45 billion (roughly Rs. Rs. 3,36,770 crore).

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 (roughly Rs. 5,250) 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’s $26.2 billion (roughly Rs. 1,95,990 crore)  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 percent since the talks emerged, while Pinterest is up about 4.5 percent.

© Thomson Reuters 2021


For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

PhonePe Experiments With Charging a Processing Fee on Prepaid Mobile Recharges Above Rs. 50

Related Stories

Products You May Like

Articles You May Like

Dead Space Remake Gameplay: EA Motive to Reveal First Footage Tonight at 8:30pm IST
Roblox Faces Lawsuit for Enabling Minor’s Sexual, Financial Exploitation; Meta, Snap, Discord Also Targeted
Dead Space Remake Gameplay Trailer Showcases a Talking Isaac Clark, Overhauled Visuals
Google Pixel 7, Pixel 7 Pro India Pre-Order Offers Bring Discounts on Pixel Buds A-Series, Fibit Inspire 2
Get Samsung Crystal 4K UHD TV at a Starting Price of Rs. 28,990 With Innovative Features Like One Billion True Colors, HDR10+, and Dolby Digital Plus

Leave a Reply

Your email address will not be published.