PayPal does not currently intend to acquire Pinterest. The payment company said in response to media reports that it is negotiating to acquire the digital listing site for up to US$45 billion (about Rs 336.77 billion).
Pinterest did not immediately respond to Reuters’ request for comment outside working hours. Bloomberg News first reported on the negotiations between the two companies last week, which was later confirmed by Reuters. A source at the time told Reuters that PayPal offered Pinterest US$70 (approximately 5,250 rupees), most of which were stocks.
At this price, this transaction will be the largest acquisition of a social media company, surpassing Microsoft’s $26.2 billion (approximately INR 19599 crore) acquisition of LinkedIn in 2016. PayPal did not provide more details in its statement. It also did not respond to requests for comment seeking details of possible negotiations with Pinterest. Since the beginning of the negotiations, PayPal’s stock price has fallen by approximately 11.5%, while Pinterest has risen by approximately 4.5%.
News Source: Gadgets360
