Amazon bids $400 mn for stake in Spencer's; deal stuck at valuation stage

Sources pointed to the fact that Spencer's was in talks with multiple players including Alibaba

RP-SG’s food and grocery retail chain, Spencer’s Retail, which is in talks with multiple players including Alibaba, has been offered more than $400 million by Amazon for a minority stake.

People familiar with the development said it is likely that Amazon was eyeing a 30 per cent stake. The deal with Amazon was believed to be in the penultimate stage but was held up due to valuation, the sources indicated. Both RP-SG and Amazon declined to comment.

Amazon, which has been on an overdrive to acquire stakes in offline retail firms and has been holding talks with multiple players recently acquired a