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InvestmentsPayPal says it is not pursuing Pinterest acquisition By Reuters

PayPal says it is not pursuing Pinterest acquisition By Reuters

© Reuters. FILE PHOTO: A Pinterest brand is seen on a smartphone positioned over U.S. greenback banknotes and a 3D printed PayPal brand on this illustration taken October 20, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) -PayPal Inc is not pursuing an acquisition of Pinterest (NYSE:) Inc right now, the funds firm mentioned late on Sunday, responding to media reviews that it was in talks to purchase the digital pinboard website for as a lot as $45 billion.

Bloomberg News first reported on the businesses’ talks final Wednesday that was later confirmed by Reuters. A supply at the moment informed Reuters that PayPal (NASDAQ:) had provided $70 per share, largely in inventory, for Pinterest.

However, sources had cautioned Reuters that no deal was sure and that the phrases may change.

At the reported worth, a deal would have been the most important acquisition of a social media firm, surpassing Microsoft Corp (NASDAQ:)’s $26.2 billion buy of LinkedIn in 2016.

PayPal, whose London depositary pursuits had been up 5.2% by 0730 GMT on Monday following the announcement, did not present extra particulars in its assertion.

Both firms additionally did not reply to requests for remark.

Paypal, among the many massive pandemic winners, has finished a number of takeover offers this yr, together with its $2.7 billion acquisition of Japanese buy-now-pay-later (BNPL) agency Paidy.

It additionally acquired Happy Returns, an organization which helps web shoppers return undesirable merchandise, for an undisclosed sum in May to bolster its e-commerce choices and construct on its $4 billion acquisition of on-line coupon finder Honey Science in 2019.

Pinterest is at a crossroads after co-founder Evan Sharp (OTC:) introduced earlier this month he would step down as chief artistic officer to hitch LoveFrom, a agency led by Jony Ive, the designer of many Apple Inc (NASDAQ:) merchandise.

Paypal’s U.S.-listed shares are down about 11.5% for the reason that information of the deal talks emerged, whereas Pinterest is up about 4.5%.

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