CINCINNATI, OH & NEW YORK, NY - After months of speculation that Kroger may be acquiring online wholesale retailer Boxed, reports have now surfaced that these multi-million dollar dreams have been dashed. According to a person familiar with the matter, Boxed has reportedly rejected a $400 million acquisition offer from Kroger in order to pursue a new funding round to remain private, Bloomberg said.

The decision was made during a Boxed board vote last week, the unidentified person told the source. As reported by Bloomberg, Amazon, Target, and Costco also launched preliminary acquisition talks with the retailer, but Kroger was the only company to submit a bid. In the article, Bloomberg also noted that Boxed Chief Executive Officer Chieh Huang has previously said he wants to remain independent and eventually go public.

As of now, Boxed has raised about $165 million, according to TechCrunch, primarily from Bessemer Venture Partners, GGV Capital, Greycroft Partners, First Round Capital, and others. The company is reportedly valued at $470 million.

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