Alphabet (GOOGL) unit Google bid at least $30 billion to purchase Snap (SNAP) in 2016, a bumper offer that remained on the table after the social media company’s initial public offering (IPO) in March 2017, according to Business Insider.

Three people close to the company told Business Insider that Google’s bid, which valued Snap at almost double what its shares are currently worth, was first made just before the social media company raised private funding in May 2016. It was later revealed that CapitalG, Alphabet’s growth equity fund, began investing an unspecific amount in Snap during the Series F fundraiser.

The next set of serious discussions reportedly then took place ahead of Snap’s IPO in March. Business Insider’s sources claim the offer was in the region of $30 billion and remained on the table after Snap completed its $24 billion offering.

The sources, who described Google’s bid as an “open secret” inside Snap and certain industry circles, didn’t say whether the Mountain View, Calif/-based company remains interested in acquiring Snap. In recent days, SNAP stock has fallen to fresh lows, cutting its market capitalization to just over $15 billion. (See also: Snap Stock Falls to Fresh Lows – Is It Oversold?)

Speculation that the two companies were engaged in discussions over a deal perhaps shouldn’t come as a big surprise. Google has been keen to launch a successful social network, having failed to make a success of Google Plus and Google Buzz. In 2013, it even reportedly made a $4 billion bid to buy Snapchat, shortly after Facebook’s (FB) $3 billion offer for the messaging app was rebuffed. (See also: Google and Amazon Take a Page From Social Media's Playbook.)

Rumors of informal discussions between Google and Snap were further fueled by the close working relationship between the two companies. Snap is one of the biggest customers of Google Cloud, while Alphabet’s executive chairman, Eric Schmidt, offered his services as an early adviser to Snap CEO Evan Spiegel.

When asked by Business Insider to comment on Google’s bid, a Snap representative said that the rumors were false, adding that no formal discussions took place. Google declined to comment.

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.