PayPal in talks to acquire Pinterest for around $70 per share, Bloomberg reports

PayPal (PYPL) has recently approached Pinterest (PINS) about a potential takeover and the companies discussed a potential price of around $70 per share, or around $39B, Ed Hammond and Liana Baker of Bloomberg report, citing people with knowledge of the matter said. A deal at that level would represent about a 26% premium to Pinterest's Tuesday closing price of $55.58. Terms of a transaction could still change, and there's no certainty the talks will lead to an agreement, sources told Bloomberg. A representative for PayPal couldn't immediately be reached, while a spokesperson for Pinterest couldn't immediately comment to Bloomberg. Shares of Pinterest halted for volatility after rallying 15%, or 8.41, to $64.00 following the report. Shares of PayPal are down 4% to $261.70 in late morning trading.