Business Companies 26 Jul 2017 Snapdeal board appro ...

Snapdeal board approves Flipkart's $900-$950 million takeover offer

REUTERS
Published Jul 26, 2017, 12:43 pm IST
Updated Jul 26, 2017, 12:44 pm IST
Shareholders of Snapdeal will now have to approve the deal, report says.
Snapdeal has been mired in a financial trouble.
 Snapdeal has been mired in a financial trouble.

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.

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