Discord Is Said to Reject Microsoft’s $12 Billion Offer (2)

Microsoft Corp. and video-game chat company Discord Inc. have ended takeover talks after Discord rejected a $12 billion bid, according to people familiar with the matter.

Discord is now focused on a potential public listing in the long term, the people said, asking not to be identified because the deliberations are private.

Twitter Inc. also expressed interest in buying Discord, people with knowledge of the matter said. Other companies discussed a takeover or investment in Discord in recent weeks, with some talks valuing the chat company as high as $15 billion to $18 billion, two people said.

Representatives for Discord, ...