This is the new offer Flipkart might make to Snapdeal. Here are the details
Jul 13, 2017, 12:16 IST
After Flipkart’s offer of $800-$850 million got rejected by Snapdeal, the Indian e-commerce giant is planning to make a new one.
Reportedly, Flipkart might offer $900-950 million for buying Snapdeal. Snapdeal had asked for $1 billion for acquisition and this new offer is somewhat near to the asking price.
PTI quoted sources as saying the deal is not finalised yet and the new offer will be made only next week.
Snapdeal's board has already rejected a takeover offer of $800-850 million (around Rs 5,500 crore) from Flipkart as it felt the amount undervalued the company given that the due diligence report was clean.
SoftBank, Snapdeal's largest investor, has been proactively mediating the sale for the past few months. The board of Snapdeal also has representation from its founders (Kunal Bahl and Rohit Bansal), Nexus Venture Partners and Kalaari Capital.
Meanwhile, Snapdeal is also looking for buyers to sell Vulcan Express, its logistics arm.
Snapdeal's valuations have also plummeted from about $6.5 billion in February 2016. SoftBank has already written off over $1 billion on valuation of its investment in Snapdeal.
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Reportedly, Flipkart might offer $900-950 million for buying Snapdeal. Snapdeal had asked for $1 billion for acquisition and this new offer is somewhat near to the asking price.
PTI quoted sources as saying the deal is not finalised yet and the new offer will be made only next week.
Snapdeal's board has already rejected a takeover offer of $800-850 million (around Rs 5,500 crore) from Flipkart as it felt the amount undervalued the company given that the due diligence report was clean.
SoftBank, Snapdeal's largest investor, has been proactively mediating the sale for the past few months. The board of Snapdeal also has representation from its founders (Kunal Bahl and Rohit Bansal), Nexus Venture Partners and Kalaari Capital.
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Snapdeal's valuations have also plummeted from about $6.5 billion in February 2016. SoftBank has already written off over $1 billion on valuation of its investment in Snapdeal.