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Business News » Companies News

Snapdeal board approves Flipkart's $900-$950 million takeover offer, sources say

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Snapdeal board approves Flipkart's $900-$950 million takeover offer, sources say
FILE PHOTO: A private security gurad stands at a gate of Snapdeal headquarters in Gurugram. Pic: Reuters
Written By: Reuters
Updated: Wed, Jul 26, 2017
12:59 pm
Reuters
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The board of Indian online marketplace Snapdeal accepted bigger rival Flipkart`s revised takeover offer of $900 million-$950 million last week, two sources familiar with the matter said on Wednesday.

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

Snapdeal and Flipkart were not immediately available for comment.

Bengaluru-headquarterd Flipkart had revised its initial offer for Snapdeal to up to $950 million, Reuters reported last week.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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TAGS:
SnapdealFlipkartE-commerceE-tailSmall BusinessITTechnology
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