Snapdeal Board approves Flipkart’s $900-$950 Million takeover offer


The board of online marketplace center Snapdeal accepted bigger rival Flipkart’s revised takeover offer of $900 million-$950 million a week ago, two sources familiar with the issue said on Wednesday.

Shareholders of Snapdeal will now need to approve the deal, the sources told Reuters, declining to be named as the talks are not public.

Snapdeal and Flipkart were not quickly available for comment.

Bengaluru-headquarterd Flipkart had updated its initial offer for Snapdeal to up to $950 million, Reuters detailed a week ago.