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Boxed Wholesale Reportedly Rejects Kroger's $400 Mln Buyout Offer

Boxed Wholesale, which sells snacks, paper towels and other household products in bulk, rejected a $400 million acquisition offer from Kroger Co. (KR) and will pursue a new funding round to remain private, Bloomberg reported citing a person familiar with the matter.

The New York-based startup's board voted last week to reject the offer from the largest supermarket chain in the U.S. Boxed also had preliminary talks with Amazon.com Inc., Target Corp. and Costco Wholesale Corp., but Kroger was the only company to submit a bid. Boxed has a $470 million valuation, the report said.

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