Square reportedly turned down $3 billion acquisition offer from Apple

12 years ago

“TechCrunch has heard from multiple sources that Square and Apple were recently in acquisition talks, but that Square walked away,” Alex Wilhelm reports for TechCrunch.

“Apple wanted the company to come aboard, according to one source, but the discussed price was a sticking point: The tipster held that Apple wanted to buy Square for less than half of the $6 billion valuation it eventually would raise at (around $3 billion),” Wilhelm reports. “Square, valued at the time at a firm 66 percent delta to that price point, declined to accept.”

“Apple also showed Square a software register, restaurant and spa booking services and a payment system for iPhones said the same source. This did not sit well with Square execs, who felt like the products would compete with their own offerings,” Wilhelm reports. “Apple recently announced Apple Pay, a way to execute in-person payments with your phone.”

Read more in the full article here.

MacDailyNews Take: According to Dalrymple: “Nope.”

Regardless, Apple Pay is certainly not a positive development for Square.