Snapdeal board accepts $950m Flipkart buyout offer

Mumbai: Indian online marketplace Snapdeal has accepted Flipkart’s revised takeover offer of up to $950 million (Dh3.49 million), two sources said on Wednesday, providing heft to its bigger rival in a high-stakes battle with Amazon.com Inc. The board of Jasper Infotech, which runs Snapdeal, approved Flipkart’s bid of $900 million-$950 million last week, the sources who were familiar with the matter said. A deal is now pending the approval of Snapdeal shareholders, they said. Snapdeal declined to comment, while Flipkart was not immediately available for comment.