PayPal is not pursuing an acquisition of Pinterest at this
time, the payments company said, responding to media reports that it was in
talks to buy the digital pinboard site for as much as $45 billion.
Pinterest did not immediately respond to a Reuters request
for comment outside of business hours.
Bloomberg News first reported on the companies' talks last
week 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.
At that price, a deal would have been the biggest
acquisition of a social media company, surpassing Microsoft's $26.2 billion
purchase of LinkedIn in 2016.
PayPal did not provide additional details in its statement.
It also did not respond to a request for comment seeking details about possible
talks with Pinterest.
PayPal shares are down about 11.5 percent since the talks
emerged, while Pinterest is up about 4.5 percent. © Reuters
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