According to sources privy to the development, Flipkart has completed the due diligence process and has made an offer of $800-850 million to buy Snapdeal.
However, the offer was rejected by the Snapdeal’s board which felt the amount undervalues the company as the due diligence report is clean.
“The first offer has been rejected but talks are still on. It is an ongoing discussion,” said one of the sources.
When contacted, Snapdeal, SoftBank and Flipkart declined to comment.
SoftBank, the Snapdeal’s largest investor, has been proactively mediating the sale for (Read More)