SUPER APP AMBITIONS: Following media reports suggesting that PayPal is considering an acquisition of Pinterest for about $70 per share, Baird analyst Colin Sebastian said that "at first glance" he believes such a potential combination could make strategic sense. Terms of a transaction could still change, and there's no certainty the talks will lead to an agreement, Bloomberg's report stated. News of the potential deal comes less than a week after Pinterest co-founder Evan Sharp announced plans to leave the company to join LoveFrom, a company led by Jony Ive, the designer of many iconic Apple (AAPL) products, the author noted.Įd Hammond and Liana Baker of Bloomberg, who were first to report that PayPal recently approached Pinterest about a potential takeover and the companies discussed a potential price of around $70 per share, noted that such a deal would represent about a 26% premium to Pinterest's Tuesday closing price of $55.58. PINTEREST ACQUISITION: PayPal has made an offer to buy digital pinboard site Pinterest for $45B, or $70 per share, with the former planning to finance the acquisition mostly through stock, Reuters' Greg Roumeliotis reported, citing people familiar with the matter. While Baird analyst Colin Sebastian believes such a combination could make strategic sense as it might help accelerate PayPal's super app ambitions, his peer at Truist believes such a deal would make "zero sense" and would accentuate his existing concerns about the durability of PayPal's organic revenue growth. PayPal is reportedly hoping to successfully negotiate and announce a deal by its quarterly report on November 8. He spent more than two decades at the tech giant before leaving in 2019, and led the design of the candy-coloured iMacs that helped Apple re-emerge from near death in the 1990s as well as the design of the iPhone.Shares of PayPal (PYPL) are slipping in Wednesday afternoon trading following media reports saying the company has made an offer to buy Pinterest (PINS) for $45B, mostly in stock, although the final offer price and terms may still change. Ive was a close creative collaborator with Apple co-founder Steve Jobs. Its clients include home rental company Airbnb Inc and Italian luxury car maker Ferrari. "LoveFrom is a creative collective", the firm's website says.
Ive co-founded design firm LoveFrom with fellow designer Marc Newson. Pinterest to pay $22.5 mn to settle gender discrimination suit He will transition into an advisory role and continue to serve as a board member, the company said in a blogpost. Sharp founded the online scrapbook and photo-sharing platform along with Ben Silbermann, who is the company's chief executive officer, and Paul Sciarra, who left in 2012. Sharp built Pinterest's original platform and oversaw its rapid growth in the past decade, and most recently served as the company's chief design and creative officer. (Sign up to our Technology newsletter, Today's Cache, for insights on emerging themes at the intersection of technology, business and policy. Pinterest Inc said on Thursday co-founder Evan Sharp is leaving the company to join LoveFrom, a firm led by Jony Ive, the designer of many iconic Apple products.
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