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Snapdeal's thumbs up for the merger offer of $900-950 by Flipkart.

Snapdeal's majority shareholders on board to merge for Flipkart's revised offer of $900-950 million.
BY BEx Bureau
BusinessEx
Jul 28, 2017

Snapdeal majority board has approved Flipkarts takeover for the revised offer made of $900-950 million. This could be the most sensational merger in the Indian E-Commerce history.

Snapdeal's various top-notch shareholders including Tata Group Chairman Emeritus Ratan Tata, Temasek, BlackRock and Foxxconn voted in the favour of the deal.

However, according to the sources, Premji Invest and Ontario Pension Fund are still balancing the odds. It requires the nod of 75% shareholders for the deal to go ahead. Therefore, approval from as much as 30 shareholders is still required.

A source close to Snapdeal board said, "Flipkart wants all the shareholders to agree to the deal if that does not happen then it might decide against moving ahead with the merger."

SoftBank Corp, which holds a little above 30% shares in Snapdeal is orchestrating the deal to pave its way to Flipkart. Some of the other investors include Ru-Net Holdings, Tybourne Capital, Alibaba Group, IndoUS Ventures etc.

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