Snapdeal board approves Flipkart’s takeover offer

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New Delhi: The board of Indian online marketplace Snapdeal accepted bigger rival Flipkart’s revised takeover offer of $900 million-$950 million last week, sources said.

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

However, Snapdeal declined to comment, while Flipkart was not immediately available for comment.

But Flipkart’s leg up in this ecommerce war requires Azim Premji’s blessings. According to sources, the merger needs Premji Invest’s approval and Flipkart is yet to agree to the terms put forward by the billionaire investor.

Premji has objected to special payments to certain shareholders including its two co-founders and two early backers, Bloomberg had said in an earlier report.

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