Snapdeal board approves Flipkarts $900-$950 million takeover offer, sources say

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.

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