Payments company PayPal Inc said on Sunday it will not pursue an acquisition of Pinterest Inc at this time, responding to media reports that it was in negotiations to purchase the digital pinboard site worth $45 billion.

Pinterest did not immediately respond to a Reuters request for comment outside of business hours.

Bloomberg News first reported on the companies’ negotiations last week that was later confirmed by Reuters. A source at that time told Reuters that PayPal had offered $70 per share, mostly in stock, for Pinterest. read more

At that price, an agreement would have been the biggest acquisition of a social media company, surpassing Microsoft Corp’s $26.2 billion purchase of LinkedIn in 2016.

PayPal did not deliver additional details in its statement. It also did not respond to a request for comment seeking details about possible talks with Pinterest.

PayPal shares are down about 11.5% since the talks emerged, while Pinterest is up about 4.5%.