Boston, MA, 11/16/2013 (wallstreetpr) – With a $118 billion market cap, social media networking giant is out on the prowl trying to snap up those technology apps which would align with its core business of connecting people from across the globe virtually. In this context Facebook, Inc. (NASDAQ:FB) had reached out to the management of Snapchat, which is a fast growing messaging service on the lines of Whatsapp and WeChat.
Facebook’s Offer To Snapchat
Facebook, Inc. (NASDAQ:FB) had made what analysts had believed at that time a irresistible offer to this nascent messaging service provider of $3 billion in cash. It’s a different story that management of Snapchat led by 23 year old co founder Evan Spiegel, have off hand rejected the offer. Readers should note that Snapchat is in a very enviable position since it has been courted by other big pocket investors / tech firms which are on the lookout for a mature chat service that can be integrated into their existing social media platforms. It is being said that Chinese internet firm Tencent had recently approached the firm with an offer of $Tencent Holdings4 billion. At this stage it is not clear how Sanpchat reacted to this offer.
Other Suitors in the Race
Chinese e-commerce giant Tencent Holdings had offered to lead an investment that would value two-year-old Snapchat at $4 billion. While Facebook is facing issues, its competitor Google is facing its own issues. Read on for more…
Google Inc. (NASDAQ:GOOG) & Hewlett-Packard Company (NYSE:HPQ) Issue STOP SALES Notice on Chromebook 11
Google Inc. (NASDAQ:GOOG) and computer manufacturer Hewlett-Packard Company (NYSE:HPQ) have been reaching out to customers who have recently purchased laptop which goes by the brand name of Chromebook 11 and warning them not to use the power plug charger which comes as part of the laptop purchase. The two technology giants have been forced to take this drastic step since customer complaints have been coming in, where in the chargers have over heated and hence increasing a risk of accidental fire.
Issue with Charger
Google Inc. (NASDAQ:GOOG) had partnered with HP to jointly push the sale of Chromebook 11. When Business Insider reached out to Hewlett-Packard Company (NYSE:HPQ) for their comments on this charger issue, Hewlett-Packard Company (NYSE:HPQ) has responded back confirming that Google and Itself are currently on pause mode on further sales of HP Chromebook 11 model while the charger overheating issue is resolved by the company engineers. Meanwhile, the current customers of Chromebook 11 have been advised by the two firms to not use the charger which has come along with the Chromebook 11 purchase but use any other compatible “Underwriters Laboratories-listed micro-USB charger”.
Hewlett-Packard Company (NYSE:HPQ) Trying To Address Issue
Hewlett-Packard Company (NYSE:HPQ) and Google Inc. (NASDAQ:GOOG) have also indicated that they have reached out to Consumer Product Safety Commission and are working with the agency to figure out the best approach to address these potential safety concerns. In related news, Verge has reported that it has access to internal memo from HP to its retail partners asking them to immediately stop selling HP Chromebook 11 till further notice.
