PayPal says it is not pursuing acquisition of Pinterest

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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 (NASDAQ:PYPL) 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 Corp (NASDAQ:MSFT)’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% since the talks emerged, while Pinterest is up about 4.5%.