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FINANCE

Report: Boxed rejects Kroger Co.’s purchase offer

BY CSA Staff

Boxed is staying private — for now, anyway.

The retailer that sells bulk groceries, household products and other items online rejected a $400 million acquisition offer from Kroger. As a result, the online retailer is pursuing a new funding round to remain private, according to Bloomberg.

A source told Bloomberg that Boxed’s board voted last week to reject the offer from the supermarket chain. While the company also has interest from Amazon, Target, and Costco Wholesale, Kroger was the only company to make a bid.

Boxed has a $470 million valuation.

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