3Novices : Snapdeal board rejects Flipkart’s $800-mn buyout offer

The board members of online marketplace Snapdeal, have rejected the offer of $800 million made by ecommerce major Flipkart for the beleaguered firm, however talks are still on, sources said. According to sources, the Snapdeal board which pegged the valuation of the company at a billion dollars is unhappy with the quote given by Flipkart. Flipkart sent across its deal offer for the merger on Monday, which the Snapdeal board out rightly rejected. “The board is unhappy with the fact that Flipkart has pegged the valuation almost $200 million less even after Snapdeal cleared the due diligence. The board is however hopeful that Flipkart would reconsider the offer,” said the source.The due diligence conducted by international consultancy firm EY, finished last week in which Snapdeal came out clean. Also the exclusivity clause with Flipkart ended on July 2 and officially Softbank board which is spearheading the talks for merger has not extended the time. However sources said that Softbank . 3Novices


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