Snapdeal accepts Flipkart’s $900-million takeover offer
By MYBRANDBOOK
Snapdeal’s board has approved its competitor Flipkart’s revised takeover offer of up to $900 million. The announcement of approval has also brings to an end the long-delayed merger talks that began almost a year ago with Snapdeal sending feelers to Flipkart.
According to the reports, The Snapdeal board will now consult other shareholders, and the deal is likely to formally conclude early next month.
Snapdeal, which posed a challenge to Flipkart’s leadership in its prime, began losing traction after Amazon doubled down on its India expansion plans. Investors’ reluctance to pump more money into the troubled e-tailer decelerated it even more, forcing it to opt for a merger with Flipkart.
The discussions assumed greater seriousness early this year. People close to the development said the merger deal involves only Snapdeal’s marketplace, and the firm is looking for options for its subsidiaries such as FreeCharge and Vulcan Express. Reports suggested that both the companies were not immediately available to comment on the development.
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