LONDON (ShareCast) - (Sharecast News) - PayPal is not pursuing an acquisition of Pinterest "at this time", the company said on Sunday.
PayPal released the one line statement in response to a press report last week about a potential $45bn (£33bn) deal.

Bloomberg reported last Wednesday that California-based PayPal had recently approached Pinterest about a potential deal. It cited people familiar with the matter as saying that the companies had discussed a price of around $70 a share, which would represent a 26% premium to Pinterest's closing share price on Tuesday.

Pinterest shares tumbled on the news and by 1020 BST, were down 10.6% at $51.90 in pre-market trade. PayPal shares were up 6.2% at $255.25.

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