Pinterest stock rockets after report says company has held merger talks with PayPal - NewsBreak

Shares of Pinterest Inc. are up 11% in midday trading Wednesday after Bloomberg News reported that PayPal Holdings Inc. has approached the company about a potential deal. PayPal shares are off about 3% in Wednesday trading. The Bloomberg story, which cited multiple unnamed sources, said that the companies have discussed a takeout price of roughly $70 a share for Pinterest. The stock recently changed hands at $61.76. Pinterest shares were briefly halted for volatility but have resumed trading. Representatives from PayPal and Pinterest didn't immediately provide comment to MarketWatch.