Snapdeal board reportedly rejects Flipkart takeover bid

The Snapdeal board has rejected an $800m-$850m takeover offer from Flipkart, according to local sources. A report in The Times of India today (5 July) quoted “sources privy to the development” as saying that the Snapdeal board felt that the bid undervalued the company.

There has been no official comment from Flipkart, Snapdeal or Softbank (the single largest investor in Snapdeal). However, The Times of India sources said that although the first deal has been rejected, “talks are still on”.

Flipkart and Snapdeal have been the big players in the Indian e-commerce market, but in recent years they have been facing intense competition from Amazon.