India's Snapdeal calls off sale to rival Flipkart: Reuters
India's Snapdeal said it had decided to remain independent and was ending all talks regarding a sale, bringing the curtain down on months of discussions around a possible acquisition of the e-commerce business by bigger rival Flipkart, Reuters reported. The board of Jasper Infotech, which runs Snapdeal, had agreed in principle to Flipkart's revised buyout bid of up to US$950 million and a deal was pending approval of smaller shareholders, Reuters previously reported. But obstacles remained with sources saying founders Kunal Bahl and Rohit Bansal were considering an alternate path. Snapdeal's investors include Ontario Teachers' Pension Plan, which led a US$200 million financing of the company last year.
31 July 2017•3 mins read
