Flipkart Makes New Offer of $950 Million for Snapdeal

Flipkart Online Services Pvt has made a revised bid to acquire rival Snapdeal for about $950 million, an offer that could lead to a final agreement between India’s two largest local e-commerce providers within three weeks, according to people familiar with the matter.

Snapdeal’s board members discussed the proposal on a conference call late last night after rejecting an earlier offer of about $850 million, said the people, who asked not to be identified because the matter is private. The final price of the current bid will range between $900 million and $950 million, depending on the cash and debt on Snapdeal’s balance sheet at the time of signing, they said.