Recent reports say that popular messaging app, Snapchat has turned down a $3 billion all cash acquisition offer from Facebook. This is the second offer by Facebook to acquire Snapchat. Earlier in October, Snapchat turned down Facebook’s offer of $1billion.
According to reports, Snapchat’s co-founder Evan Spiegel is planning to wait till 2014 hoping for a better evaluation of the company. The Snapchat app developed by a group of Stanford University students has become one of the most popular apps among teenagers, a target group Facebook is losing. Facebook declined to comment on the offer.
Based on the industry trends, Snapchat’s value is estimated to increase significantly in the coming times. In October, Snapchat was looking to raise a round of funding that would have value the company at roughly $3.5 billion.
Both the companies have refused to comment on the offer. However, new evaluation reports for Snapchat are still coming out.
via SocialAppsHQ Blog http://www.socialappshq.com/blog/2013/11/14/snapchat-turns-down-facebooks-3-billion/
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