PayPal Rubbishes Potential Acquisition of Pinterest
Oct 25, 2021 By MarketDepth
PayPal Holdings Inc. (NASDAQ: PYPL) announced that it is in fact not pursuing an acquisition of Pinterest Inc. (NYSE: PINS).
“In response to market rumors regarding a potential acquisition of Pinterest by PayPal, PayPal stated that it is not pursuing an acquisition of Pinterest at this time,”The Company Announced on Monday
According to BNN Bloomberg, the two companies had discussed the acquisition, at a price around USD 70 per share, valuing Pinterest at roughly USD 45 billion. Pinterest’s shares jumped 13% on Wednesday after the conversation between the two firms was reported. However, once Paypal had clarified its stance, Pinterest shares dropped over 14% in premarket trading on Monday, while Paypal shares gained 6% before the open.