Apple, Square Acquisition Talks Went South Over $3B Offer [Update: Nope]

393788_largerEarlier this year, Apple and Square were rumored to be in talks over a possible acquisition, but no deal materialized. According to a new report from TechCrunch, talks between the two companies failed over purchase price.

Apple is said to have wanted to purchase Square for approximately $3 billion, an offer that Square felt was too low given its valuation at the time.

Separately, TechCrunch has heard that Square and Apple were in acquisition talks, but that Square walked away. Apple wanted the company to come aboard, but the discussed price was a sticking point: Apple wanted to buy Square for around $3 billion, one source said. Square, valued at the time at a firm 66 percent delta to that price point, declined to accept. Apple also showed Square a raft of hardware that would compete with Square's point-of-sale tools, said the same source.

Earlier rumors suggested that the disconnect between Square's robust offline payment solution and Apple's simpler plan to enable payments via iPhone were another reason why talks eventually came to an end. Square has recently raised $100 million in capital, putting its valuation at $6 billion.

Apple on Tuesday revealed its long-rumored mobile payment solution, Apple Pay. Apple Pay is designed to allow iPhone users to make NFC payments using credit cards stored in Passbook, which are then authorized with the Touch ID fingerprint sensor. Apple has reached deals with credit card companies, credit issuers, and retailers, and has plans to launch Apple Pay in October.

According to Apple, the program will work with over 220,000 U.S. retail stores, including Walgreens, Duane Reade, Macy's, Nike, Bloomingdales, Staples, Subway, McDonalds, and more.

Update 7:00 PM PT: Jim Dalrymple has given one of his famous "Nope" responses to the Square/Apple acquisition rumors, suggesting that the two companies were not in talks about a possible acquisition.

Top Rated Comments

mikethebigo Avatar
107 months ago
Bad foresight I guess. If Apple plans to enter your niche market and offers you 3 billion dollars beforehand, take the deal!!
Score: 23 Votes (Like | Disagree)
Dekema2 Avatar
107 months ago
Who would turn down $3bn from :apple:? Makes no sense... but now we have a better system in :apple:Pay.
Score: 10 Votes (Like | Disagree)
nostresshere Avatar
107 months ago
Idiots.


Apple will crush them and they will be worth 10% of that amount.

When Yahoo had a chance to sell, they passed. Stupid.


Stupid
Stupid
Stupid

Where can I invest my money in STUPID?
Score: 8 Votes (Like | Disagree)
coolfactor Avatar
107 months ago
Apple pay isn't allowed at the LARGEST RETAILER IN THE WORLD, Walmart


Square isn't worried about Apple

Frankly, the largest retailer in the world can take a long walk off of a short plank.
Score: 7 Votes (Like | Disagree)
Solomani Avatar
107 months ago
I'm glad the Square deal did not go through. The Apple Pay system sounds like a winner. A much better system for consumers once it is embraced by many.

And even the CEOs of credit card companies say that Apple Pay is a good idea. They are actually glad that Apple is working with them rather than competing against them.

Once Apple Pay hits critical mass (will take a couple of years), Square will realize that it lost the opportunity of lifetime.
Score: 6 Votes (Like | Disagree)
HobeSoundDarryl Avatar
107 months ago
Who would turn down $3bn from :apple:? Makes no sense
Someone who's company just a few months later is valued at $6 billion? ;)

but now we have a better system in :apple:Pay.
With Square plus a smart phone, anyone could take a credit card payment for anything- no special hardware to purchase. I've bought hot dogs at sporting events through Square. With Apple Pay, the retailer is probably going to need to be BIGGER so they can buy the hardware that supports NFC. Square will give you the hardware (dongle) so you could take credit cards at a garage sale, a fund raiser, or anywhere else.
Score: 6 Votes (Like | Disagree)

Popular Stories

iPhone Measure Height

Newer iPhones Allow You to Measure Someone's Height Instantly — Here's How

Saturday December 3, 2022 10:23 am PST by
iPhone 12 Pro and Pro Max, iPhone 13 Pro and Pro Max, and iPhone 14 Pro and Pro Max models feature a LiDAR Scanner next to the rear camera that can be used to measure a person's height instantly in Apple's preinstalled Measure app. To measure a person's height, simply open the Measure app, point your iPhone at the person you want to measure, and make sure they are visible on the screen from...
iOS 16

When Will iOS 16.2 Be Released?

Friday December 2, 2022 2:13 pm PST by
Apple in late October began testing iOS 16.2 and iPadOS 16.2 updates, providing betas to both developers and public beta testers. As of now, we've had four total betas, with the fourth beta having been released earlier this week. iOS 16.2 and iPadOS 16.2 are expected before the end of the year, and we thought we'd try to narrow down the launch timeline. With only four betas released since...
14 vs 16 inch mbp m2 pro and max feature 1

Major RAM Upgrade Coming to Next-Generation MacBook Pro

Friday December 2, 2022 2:03 am PST by
The next-generation MacBook Pro models could feature faster RAM, according to a recent report from a reliable source. MacRumors Forums member "Amethyst," who accurately revealed details about the Mac Studio and Studio Display before those products were announced, recently provided information about Apple's upcoming 14- and 16-inch MacBook Pro models. The new machines are expected to feature...
General iOS 16 Feature Yellow

iOS 16.2 for iPhone Launching This Month With These 8 New Features

Thursday December 1, 2022 8:44 am PST by
Apple plans to publicly release iOS 16.2 for the iPhone in mid-December, according to Bloomberg's Mark Gurman. The update remains in beta testing for now, with at least eight new features and changes already uncovered so far. iOS 16.2 introduces a number of new features, including Apple's new whiteboard app Freeform, two new Lock Screen widgets for Sleep and Medications, the ability to hide...
apple ar headset concept 1

Kuo: Apple Headset Shipments Potentially Delayed Until Second Half of 2023

Sunday December 4, 2022 7:38 am PST by
Mass shipments of Apple's long-rumored AR/VR headset may be delayed until the second half of 2023 due to unspecified "software-related issues," according to the latest information shared today by tech analyst Ming-Chi Kuo. Apple headset render by Ian Zelbo Kuo said mass shipments of components for the headset are still likely to begin in the first half of 2023, but he believes that mass...
Emergency SOS via Satellite iPhone YT

Apple's iPhone 14 Emergency SOS via Satellite Feature Saves Stranded Man in Alaska

Thursday December 1, 2022 4:37 pm PST by
With the launch of iOS 16.1, Apple rolled out a Emergency SOS via Satellite, which is designed to allow iPhone 14 owners to contact emergency services using satellite connectivity when no cellular or WiFi connection is available. The feature was put to the test in Alaska today, when a man became stranded in a rural area. In the early hours of the morning on December 1, Alaska State Troopers ...
iPhone 14 Pro Purple Side Perspective Feature Purple

iPhone 15 Pro Rumored to Have These 5 Exclusive Features

Saturday December 3, 2022 10:55 am PST by
While we're still around nine months away from Apple unveiling the iPhone 15 lineup, rumors already suggest that the higher-end Pro models will have even more exclusive features than usual compared to the standard models next year. There are currently at least five features rumored to be exclusive to iPhone 15 Pro models:A17 chip: iPhone 15 Pro models will be equipped with an A17 Bionic...
top stories 3dec2022

Top Stories: M2 Max Benchmark Leak, iPhone 15 Camera Rumor, and More

Saturday December 3, 2022 6:00 am PST by
With Black Friday and Cyber Week shopping events winding down and the calendar flipping over to December, our attention is starting to turn to 2023 and all of the Apple news we're expecting to see. This week saw an alleged benchmark leak for an "M2 Max" chip expected to make an appearance in upcoming Macs like the MacBook Pro early next year, as well as fresh rumors about the iPhone 15...
android apple fix rcs

Google Again Criticizes Apple for Not Adopting RCS for Messages App: 'Their Texting is Stuck in the 1990s'

Friday December 2, 2022 10:54 am PST by
Google is continuing on with its attempt to convince Apple to adopt the RCS messaging standard, publishing a new "it's time for RCS" blog post. Promoted heavily by Google, RCS or Rich Communication Services is a messaging standard that is designed to replace the current SMS messaging standard. It provides support for higher resolution photos and videos, audio messages, and bigger file sizes, ...
maxresdefault

Can't Get an iPhone 14 Pro? Here's Why You Should Wait for the iPhone 15 Ultra

Monday December 5, 2022 11:44 am PST by
Due to production issues at Apple supplier factories in China, the iPhone 14 Pro and iPhone 14 Pro Max are backordered and basically out of stock at every store. If you were planning to gift or receive an iPhone 14 Pro model for the holidays and didn't already get one, you're basically out of luck because they're gone until late December. Subscribe to the MacRumors YouTube channel for more ...