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Snapchat rejected $3 billion buyout offer from Facebook: report

14
Nov
2013

Mobile messaging startup Snapchat rejected an acquisition offer from Facebook Inc that would have valued the company at $3 billion or more, according to a Wall Street Journal report on Wednesday. Facebook representatives reached out to Snapchat in recent weeks to discuss the all-cash deal, which would have been Facebooks largest acquisition ever, the report said, citing anonymous sources. Facebook declined to comment. The report of Facebooks interest in Snapchat comes a couple of weeks after Facebook, the worlds No. 1 Internet social network, acknowledged that it was seeing a decline in daily use by young teenagers in the U.S., although it said overall use by teenagers was stable.

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