The board of Indian online marketplace Snapdeal accepted bigger rival Flipkart's revised takeover offer of $900 million - $950 million (roughly Rs. 5,791 crores - Rs. 6,113 crores) last week, two sources familiar with the matter said on Wednesday.
Shareholders of Snapdeal will now have to approve the deal, the sources told Reuters, declining to be named as the discussions are not public.
Bengaluru-headquartered Flipkart had revised its initial offer for Snapdeal to up to $950 million, Reuters reported last week.
Earlier this month, Snapdeal was said to have rejected a bid worth $700-$800 million (roughly Rs. 4,508 crores - Rs. 5,151 crores) from Flipkart after due diligence by its bigger rival, as per reports.
Japan's SoftBank Group Corp, Snapdeal's biggest investor, is looking to sell the firm to Flipkart to secure a stake in India's largest e-commerce player.
The $700-800 million offer by Bengaluru-headquartered Flipkart is only for the Snapdeal online marketplace and doesn't include the company's logistics arm Vulcan Express or its digital payments unit FreeCharge, Mint said quoting three anonymous sources.
Snapdeal has been expected to fetch at least $1 billion from its sale to Flipkart.
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