Flipkart agrees to buy Snapdeal for up to $950 million
Indian e-commerce player Flipkart has sweetened its buyout offer for smaller rival Snapdeal to between $900 million and $950 million, two people familiar with the negotiations said, adding that the new proposal is being evaluated by the company’s board.
Reuters previously reported that Snapdeal had earlier this month rejected Flipkart’s initial bid of between $800 million and $850 million, as its board was unsatisfied with the offer and the payment terms.
The sources, who asked not to be named as the discussions are not public, said talks between the two sides were ongoing.
Flipkart, Snapdeal and its main backers were not immediately reachable for comment.
You may be interested
Modi’s way to the New India of Vivekananda and DeendayalSiddheshwar Shukla - Sep 12, 2017
ASHISH SOOD At a time the country is celebrating 125th anniversary of the famous Chicago speech of Swami Vivekananda and birth centenary of…
Schools be made liable for the promises they makeSiddheshwar Shukla - Sep 09, 2017
Siddheshwar Shukla The parents sacrifice their personal life to earn for the hefty fee the branded schools charge for care and grooming of…
Gauri Lankesh murder case enters in political wonderlandSiddheshwar Shukla - Sep 08, 2017
Siddheshwar Shukla The efforts were on from both the sides – left and right; to make it a political issue but now we…