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Report: Boxed rejects Kroger's $400M buyout offer

New York-based wholesale retail startup Boxed rejected $400 million buyout offer tabled by grocery giant Kroger Co., Bloomberg reported March 8, citing a person familiar with the matter.

The startup's board voted to reject Kroger's offer and decided to remain private through a new round of funding, the report said.

Boxed also had preliminary talks with Costco Wholesale Corp., Target Corp. and Amazon.com Inc., but Kroger was the only company to place a bid.

Boxed CEO Chieh Huang has a plan to remain independent and "eventually go public," the report added.

Boxed and Kroger declined to comment on the news, according to the report.