"To reject the deal" means to decline or say no to an agreement or offer that has been proposed. It indicates that one does not want to accept or proceed with the terms of the deal. Full definition
I once was part of a group of angel investors who rejected a deal because the founder blamed everyone but himself for past problems. (entrepreneur.com)
Federal judges rejected both deals in separate rulings earlier this year. (fortune.com)
The investors never outright reject a deal merely because the initial anchor valuation is too high. (notonlyluck.com)