Kevin Systrom Didn't Tell Regulators That Twitter Had Offered to Buy Instagram: Report
In order to speed up regulatory approval for Facebook's acquisition of Instagram, the parties sat down for a Fairness Hearing at the San Francisco offices of the California Department of Corporations. But Kevin Systrom failed to disclose in those meetings that Twitter had also offered to buy Instagram, according to a New York Times report.
In order to speed up regulatory approval for Facebook’s acquisition of Instagram, the parties sat down for a Fairness Hearing at the San Francisco offices of the California Department of Corporations. But Kevin Systrom failed to disclose in those meetings that Twitter had also offered to buy Instagram, according to a New York Times report.
Systrom repeatedly told regulators that he had no formal offers from any other companies. But he had verbally agreed to a written acquisition offer from Twitter just weeks earlier, at the price of $525 million.
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