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Snapchat, a rapidly growing messaging service, recently spurned an all-cash acquisition offer from FacebookFB +4.32% for close to $3 billion or more, according to people briefed on the matter.
The offer, and rebuff, came as Snapchat is being wooed by other investors and potential acquirers. Chinese e-commerce giant Tencent HoldingsTCEHY -1.33% had offered to lead an investment that would value two-year-old Snapchat at $4 billion.
Evan Spiegel, Snapchat’s 23-year-old co-founder and CEO, will not likely consider an acquisition or an investment at least until early next year, the people briefed on the matter said. They said Spiegel is hoping Snapchat’s numbers – of users and messages – will grow enough by then to justify an even larger valuation, the people said.Report: Snapchat Turns Down Acquisition Offer of $3 Billion From Facebook [blogs.wsj.com]
Facebook, Still Dominant, Strives to Keep Cachet
When Evan Spiegel peered into a crystal ball to divine a future for his company, Snapchat, he did not see Facebook.
He saw something else, something much bigger — a social network that could exist on its own, outside Facebook.
Facebook is still the dominant social media service, and has been an attractive suitor for many start-ups.