I know other tech companies have venture arms, but I'm curious to know if being a G-backed startup would affect your exit strategy options (either pos. or neg.)

I know other tech companies have venture arms, but I'm curious to know if being a G-backed startup would affect your exit strategy options (either pos. or neg.) For example, what if MS was interested in acquiring a company that Google funded? Could they block it? Would it affect the price? Or would G only fund startups that are outside their core competency or that they plan on acquiring later?