Providence Equity Partners and several other private equity firms have pulled out of the bidding according to Reuters, which said first round offers had fallen short of company expectations.
Bloomberg had previously reported bids of up to $35 a share had been rejected by Ancestry, which saw its shares close at $30.24 last night.
That closing price gives the company a current market value of $1.3bn.
Spectrum Equity Investors bought a controlling stake in the parent company of Ancestry.com and other sites for $300m in 2007.
The firm floated Ancestry.com on the public market two years later.
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