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The board members of online marketplace Snapdeal have rejected the offer of $800 million made by Tiger Global-backed domestic online retail giant Flipkart, but sources said talks are still on.
The Snapdeal board, which pegged the valuation of the company at a billion dollars, is unhappy with the quote given by Flipkart, informed sources.
Bengaluru-headquartered Flipkart placed its deal offer for the merger on Monday, which was rejected outright by the Snapdeal board.
“The board is unhappy with Flipkart pegging the valuation nearly $200 million less, even though Snapdeal cleared the due diligence. The board is, however, hopeful Flipkart would
