PayPal's denial of buying Pinterest causes shares in digital pinboard site to dive

PayPal isn't currently pursuing an acquisition of Pinterest, the payments company said late on Sunday, responding to media reports that it was in talks to buy the digital pinboard site for as much as $45 billion, Report informs, citing Business Insider.

"In response to market rumors regarding a potential acquisition of Pinterest by PayPal, PayPal stated that it is not pursuing an acquisition of Pinterest at this time," the company said in a statement.

Bloomberg News first reported on the companies' talks last Wednesday. The news was later confirmed by Reuters. A source at that time told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest.

PayPal shares rose 6.2% to $255.20 in premarket trading on Monday, while those of Pinterest fell about 10% to $52.50.