PayPal not pursuing acquisition of Pinterest
PayPal is not pursuing an acquisition of Pinterest "at this time", the company said on Sunday.
Nasdaq 100
17,430.50
12:15 25/04/24
-0.55%
-96.30
PAYPAL HOLDINGS-WI
$64.10
12:59 25/04/24
-1.14%
-$0.74
PINTEREST INC
$32.64
11:10 25/04/24
-0.64%
-$0.21
PayPal released the one line statement in response to a press report last week about a potential $45bn (£33bn) deal.
Bloomberg reported last Wednesday that California-based PayPal had recently approached Pinterest about a potential deal. It cited people familiar with the matter as saying that the companies had discussed a price of around $70 a share, which would represent a 26% premium to Pinterest’s closing share price on Tuesday.
Pinterest shares tumbled on the news and by 1020 BST, were down 10.6% at $51.90 in pre-market trade. PayPal shares were up 6.2% at $255.25.