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  Business   Companies  26 Jul 2017  Snapdeal accepts Flipkart's $900-$950 mn buyout offer

Snapdeal accepts Flipkart's $900-$950 mn buyout offer

REUTERS
Published : Jul 26, 2017, 12:52 pm IST
Updated : Jul 26, 2017, 12:54 pm IST

Shareholders of Snapdeal will now have to approve the deal, report says.

Snapdeal co-founder and CEO Kunal Bahl.
 Snapdeal co-founder and CEO Kunal Bahl.

Mumbai: The board of Indian online marketplace Snapdeal accepted bigger rival Flipkart's revised takeover offer of $900 million-$950 million 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.

 

Snapdeal and Flipkart were not immediately available for comment.

Bengaluru-headquarterd Flipkart had revised its initial offer for Snapdeal to up to $950 million, Reuters reported last week.

Tags: snapdeal, flipkart, snapdeal flipkart deal, ecommerce, snapdeal board
Location: India, Maharashtra, Mumbai (Bombay)