Instagram?s chief executive accepted a $525 million (?324 million) acquisition offer from Twitter, before changing his mind and selling the company to Facebook in a deal then worth $1 billion, according to reports.
Kevin Systrom is believed to have held several meetings with Twitter executives in March this year, leading Instagram?s boss to verbally agree to a deal with the microblogging site that was worth cash and Twitter shares.
However, he later told Twitter that he wanted Instagram, a popular photo-sharing app, to remain ?independent?. Three weeks later, Instagram accepted an offer from Facebook worth $1 billion in a tie-up
Source: http://www.thetimes.co.uk/tto/business/industries/media/article3634927.ece
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