PayPal says it doesn’t aim to acquire Pinterest

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PayPal is not currently pursuing a takeover of Pinterest, the payment company said in response to media reports that it was in talks to buy the digital wall site for up to $ 45 billion (approximately Rs.336.770 billion).

Pinterest did not immediately respond to a Reuters request for comment outside of business hours.

Bloomberg News first covered the company’s talks last week, which was later confirmed by Reuters. A source told Reuters at the time that PayPal was offering $ 70 (about Rs. 5,250) per share, mostly in stocks, on Pinterest.

At that price, a deal would have been the largest acquisition by a social media company, outperforming the $ 26.2 billion (roughly Rs.195.990 billion) purchase of LinkedIn in 2016.

PayPal did not provide any further details in its statement. It also didn’t respond to a request for a comment asking for details on possible conversations with Pinterest.

PayPal shares are down about 11.5 percent since the talks began, while Pinterest is up about 4.5 percent.

© Thomson Reuters 2021

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