Snapdeal board reportedly accepts Flipkart’s revised deal
The board of Indian e-commerce player Snapdeal has reportedly accepted Flipkart’s revised take-over offer of up to $950m. A report published on Reuters today (26 July) said it had been informed by two sources that the deal had been agreed. However, there has been no official comment from either party.
If the Snapdeal board has agree to the offer, it will still be subject to the approval of Snapdeal shareholders.
Flipkart and Snapdeal are India’s biggest homegrown e-commerce players – but they have faced increasing competition from Amazon.
Softbank, Snapdeal’s biggest investor, is understood to be in favour of the deal.
