Snap, Inc., the company behind Snapchat, previously fielded an acquisition offer from Facebook. The social network is reported to have offered it $3 billion at the time. According to a new report, the company was offered a significantly more amount of money but a deal wasn’t reached. It’s claimed that Google bid $30 billion for Snap in early 2016.

Business Insider reports, citing sources close and inside Snap, that Google wanted to acquire the company for $30 billion. Google’s initial offer for the company was reportedly discussed before Snap raised a round of private funding that valued it at $20 billion.

One source suggests that Google and Snap talked about an acquisition just before the latter’s IPO in March. A representative for the company told Business Insider that with regards to a formal discussion about a buyout, “these rumors are false.”

Some of the investors and employees of Snap might be wishing that they had taken the offer because the company’s market cap has been in a steady state of decline since its IPO. Snap shares are currently trading around $12.50 which values the company at nearly $14 billion.

When Snap went public, it had a market cap of $24 billion. Investors haven’t really been excited about the company’s prospects so far even though this was perhaps one of the most highly anticipated tech IPOs in recent years.

Filed in General. Read more about Google and snapchat.

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