PayPal Inc said it is not pursuing an acquisition of Pinterest Inc at this time, after several media reported last week that it was in talks to buy the digital pinboard site for as much as $45 billion.
The latest development, which dashed the prospect of Pinterest getting access to PayPal's massive user base, sent the social media platform's share price down over 12%. Reuters and other media reported on the deal talks on Friday, when sources said that PayPal had offered $70 per share, mostly in stock, for Pinterest.
PayPal did not provide additional details Monday in its one-line statement. Both companies did not respond to further requests for comment.
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