Moneycontrol
Jul 17, 2017 10:35 PM IST | Source: CNBC-TV18

Flipkart makes a $950-million revised bid for Snapdeal

Flipkart has on Monday made a revised offer of $950-970 million to Snapdeal for buying the e-commerce entity, sources privy to the developments told CNBC-TV18.

Flipkart has on Monday made a revised offer of USD 950-970 million to Snapdeal for buying the e-commerce entity, sources privy to the developments told CNBC-TV18. The deal does not include Snapdeal's subsidiaries such as Freecharge, Vulcan Express and Unicommerce.

Previously, the long-standing merger had been delayed because of disagreement of the two companies over acquisition of the subsidiaries.

Earlier this month, Moneycontrol reported that Flipkart had offered a term sheet to Snapdeal for an all stock acquisition for a valuation of USD 550 million which the latter rejected.

While Snapdeal was not keen to go ahead with the deal and has been mulling a Plan B, the final decision will be taken by lead investor Japan-based SoftBank.

If the sale does not go through, Snapdeal may witness another round of layoffs which may impact 600 to 1,000 odd employees as part of the Plan B.
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