Snapdeal board approves Flipkart’s new up to $950M bid: Report

Online marketplace Snapdeal has accepted Flipkart's revised takeover offer of $900-$950 million, according to a report from Reuters. Citing sources in the know of things, the report says that board of Jasper Infotech, which runs Snapdeal, approved Flipkart's new bid last week paving the way to form a robust new entity to take on Amazon India's rapid growth.

The deal, however, isn't finalized as yet as it still needs approval from other smaller shareholders.

While SoftBank has been wanting to finish the proposed take over as early as possible, there had been far too many roadblocks hitting the deal time and again. In the beginning, the two co-founders Kunal Bahl and Rohit Bansal, as well as key shareholders namely Kalaari Capital and Nexus Venture Partners, were not keen on the sale. Then, there were reports about smaller shareholders in Snapdeal, including billionaire Azim Premji’s investment firm Premji Invest expressing their concerns regarding the deal, delaying it further.

Earlier this month, Snapdeal’s board rejected a buy-out offer of roughly $700-800 million from Flipkart which it found too low. But with latest reports about the approval of new offer, looks like the deal is once again on track.

Apparently, Snapdeal board also considered a $700 million share-swap offer by listed e-commerce firm Infibeam but rejected it as too low.

To know more about the Snapdeal-Flipkart deal, please read the following:

SoftBank initiates truce between Snapdeal’s investors paving way for sale to Flipkart

Flipkart reportedly makes an offer of $1bn to acquire Snapdeal

SoftBank: The aspiring Don of Indian startup industry