E-commerce marketplace Flipkart has had a bid of between $900m and $950m accepted from the board of corporate-backed rival Snapdeal that now needs only shareholder approval.
The board of India-based online marketplace Snapdeal has accepted an offer by rival Flipkart to buy the company, in a deal that would allow several corporate backers to exit, Reuters reported today.
Flipkart’s offer was sized at between $900m and $950m, according to two sources familiar with the matter, and Snapdeal’s board will now present it to the company’s shareholders for approval.
Snapdeal operates one of India’s most popular e-commerce platforms, listing more than 60 million products, but it has…
