Cyber security startup Wiz reportedly rejects Google's $23B acquisition proposal

Wiz has rejected a reported $23 billion acquisition proposal from Google parent Alphabet — as the cybersecurity startup pivots back to a previously-planned initial public offering, according to a company memo seen by CNBC and others.

Excitement around Wiz potentially inking a deal with Alphabet grew largely over the last week, as multiple outlets cited unnamed sources familiar with advanced talks, but neither company officially acknowledged the discussions. Acquisition talks between companies can be very unpredictable — and, especially in today's world of Big Tech, often open the door for antitrust concerns.

That current pecking order may have given the Mountain View, California company some wiggle room to help knock down any potential red flags raised by regulators.Still, Google is no stranger to competition concerns. The main pillars of the tech giant's empire — internet search and digital advertising — have become so prominent that the U.S. Justice Department has targeted them for antitrust violations in two separate lawsuits.

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