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Investing.com — PayPal Holdings Inc (NASDAQ:PYPL)is exploring a potential acquisition of Pinterest Inc (NYSE:PINS), according to a report by Bloomberg, citing people with knowledge of the matter.
Pinterest shares jumped 12% after the report. PayPal shares fell 3%.
California-based payments giant PayPal recently approached social media firm Pinterest about a possible deal, with the companies discussing a possible price of around $70 per share. That would value Pinterest at $39 billion.
A deal at that price would be a premium on Pinterest’s closing price of $55.58 on Tuesday.
Bloomberg said its sources did state that transaction terms could alter, and there is no guarantee of a deal.
