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Publish Date : 19-Dec-2012

Weeks before he accepted a US$1 billion buyout offer from Facebook Inc, Instagram CEO Kevin Systrom had verbally agreed to a US$525 million offer from Twitter, according to a report in The New York Times citing unnamed sources close to Twitter and Facebook.

Twitter executives were then shocked that Systrom went ahead with the Facebook deal without giving them a chance to make a counteroffer, the Times reported.

Systrom later told California state regulators under oath that his company had not received any \"formal offers or term sheets\" from potential buyers aside from Facebook, the Times report said, adding that its sources said Twitter executives had given Systrom a term sheet outlining the details of a proposed deal.

A spokeswoman for Facebook declined comment. Twitter could not be immediately reached for comment.

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