PayPal says it is not pursuing Pinterest acquisition
The Peninsula
PayPal Inc is not pursuing an acquisition of Pinterest Inc at this time, the payments company said late on Sunday, responding to media reports that it was in talks to buy the digital pinboard site for as much as $45 billion.
PayPal shares rose 6.2% to $255.20 in premarket trading on Monday, while those of Pinterest fell about 10% to $52.50.
Bloomberg News first reported on the companies' talks last Wednesday 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.
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