Twitter shares sink as Google pulls out of takeover

Thursday, 6 October 2016 14:26

Twitter Inc fell as much as 11 per cent in extended trading following reports Google had decided not to buy the social networking service. The search engine’s owner, Alphabet Inc, doesn’t currently plan to make a bid for Twitter, despite tapping Lazard Ltd to look into such a move last month, news agencies and the technology press reported. It’s thought Apple and Walt Disney are also unlikely to make offers, leaving software firm Salesforce as the only suitor. Twitter shares jumped 5.7 per cent to $24.87 (AED 91.5) at the close in New York on Wednesday amid renewed speculation about a takeover, but slid as low as $22.10 (AED 81) in late trading.

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