CNN
PayPal is not looking to buy Pinterest, the digital payments company said Sunday, following reports that it was exploring yet another big-ticket acquisition.
In a succinct statement made “in response to market rumors,” PayPal said it’s “not pursuing an acquisition of Pinterest at this time.”
Shares in PayPal (PYPL) gained 6.7% in premarket trade on Monday, while Pinterest (PINS) dropped 12% ahead of the open.
Last week, several media outlets reported that PayPal had approached the bookmarking website with an acquisition deal that would have valued Pinterest at over $40 billion. Bloomberg, Reuters and the Wall Street Journal all reported PayPal’s interest, citing sources.
