Reuters: Technology News: Twitter offered Instagram $525 million deal: report

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Twitter offered Instagram $525 million deal: report Dec 16th 2012, 23:42 Tweet Share this Email Print Related News In brewing rivalry, Instagram trims ties to Twitter Wed, Dec 5 2012 Student group takes Facebook privacy gripes to court Tue, Dec 4 2012 FBI uses Twitter, social media to look for securities fraud Mon, Nov 26 2012 Analysis & Opinion Facebook may yet learn that power does not ensure immortality British gay marriage safeguards may not ringfence Church of England Related Topics Investing Simplified » Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » Instagram co-founder and CEO Kevin Systrom, speaks during a Q&A session at LeWeb 2012 in London June 19, 2012. Credit: Reuters/Luke MacGregor SAN FRANCISCO | Sun Dec 16, 2012 6:42pm EST SAN FRANCISCO (Reuters) - Weeks before he accepted a $1 billion offer from Facebook Inc, Instagram CEO Kevin Systrom had verbally agreed to sell his photo-sharing company to Twitter Inc for $525 million in March - but then called off the deal, according to a New York Times report citing unnamed sources. Facebook CEO Mark Zuckerberg ultimately acquired Instagram after pushing through a cash-and-stock deal just weeks before Facebook's May initial public offering. The transaction closed in September at a $715 million valuation, reflecting Facebook's stock drop since the offering. During negotiations with Instagram, Twitter executives had handed Systrom a term sheet outlining the details of the proposed deal, the Times reported, but Systrom later told California state regulators under oath that his company had not received any "formal offers or term sheets" from potential buyers aside from Facebook. Relations between Twitter, Instagram and Facebook have soured since Facebook successfully swooped for the photo service. Earlier this month Instagram shut off a functionality that allowed Twitter to display Instagram pictures, while Twitter introduced its own photo color-filters to compete with Instagram. A spokeswoman for Facebook declined comment. Twitter could not be immediately reached for comment. (Reporting By Gerry Shih; Editing by Marguerita Choy) Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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