It looks like Snapchat has accepted yet another offer for sale
Snap Inc., the company behind Snapchat, had accepted a takeover offer from Facebook. The social network was reported to have offered $3 billion at the time. However, now, according to a new report, the company was offered a much larger sum of money, but a deal fell through.
It appears that Google itself made a $30 billion offer for Snap in early 2016.
Business Insider cites sources familiar with Snap who say Google wanted to buy the company for $30 billion. Google's initial offer for the company was reportedly discussed before Snap raised a private funding round that valued it at $20 billion. One source says Google and Snap talked about an acquisition shortly before its latest IPO in March. A company spokesperson told Business Insider that regarding a formal acquisition discussion, "these rumors are false."
There's no doubt that some of Snap's investors and employees wish they had accepted the offer, as the company's stock has been in a steady state of decline since its IPO. Snap shares are currently trading around $12.50, valuing the company at nearly $14 billion. You may recall that when Snap went public, it had a market cap of $24 billion.
