The board of Jasper Infotech, which runs Snapdeal, had in-principle agreed to Flipkart's (IPO-FLPK.N) revised buyout bid of up to $950 million and a deal was pending approval of smaller shareholders, Reuters reported last week. But obstacles remained with sources saying founders Kunal Bahl and Rohit Bansal were mulling an alternate path.
"The company has now decided to pursue an independent path and is terminating all strategic discussions as a result," Snapdeal said in a statement on Monday.
The failure to forge a deal is a setback for Softbank Group (9984.T), the largest investor in Snapdeal, as the Japanese firm has been trying to engineer an all-stock transaction for months, as a means to secure a sizeable stake in Flipkart, India's No. 1 home-grown e-commerce player.
The Flipkart deal had a "number of onerous requirements" such as "indemnities and protections", a source involved in the talks told Reuters ahead of Snapdeal's decision on Monday.
Flipkart also insisted on getting approval from all Snapdeal shareholders for the deal to go through, two other sources said.
Founders Bahl and Bansal plan to run a stripped-down version of its online marketplace and this has the backing of the firm's early investors Kalaari Capital and Nexus Venture Partners, a fourth source said.
Snapdeal will be able to financially sustain itself with the sale of certain non-core assets, the firm said in its statement.
The company has already announced one such sale - Indian lender Axis Bank said last week it would acquire the company's digital payments unit FreeCharge for $60 million.
Standard Chartered's (STAN.L) private equity arm is in talks to acquire Snapdeal's logistics arm Vulcan Express, a fifth source told Reuters.
Lionel Messi and Cristiano Ronaldo are both incredibly successful soccer players, and they have each won a large number of trophies and awards throughout their careers.
Cristiano Ronaldo and Lionel Messi are both considered to be among the best soccer players in the world. Both players have had highly successful careers.
Al-Nassr FC is a professional football club based in Riyadh, Saudi Arabia. The club was founded in 1955 and has won several domestic and international titles.
Vivo sub-brand iQOO has launched the company’s latest 5G smartphone- iQOO Z1x 5G in China on July 9, 2020.
This episode describes. making of magnets, how to they working on it. Video mad by discovery uk.
Russian President Vladimir Putin says the Israeli military’s aerial operations in the Syrian airspace are in flagrant violation of the incumbent Damascus government’s sovereignty as tensions are simmering between Moscow and Tel Aviv over the downing of the Russian Ilyushin Il-20 reconnaissance aircraft in the western Syrian province of Latakia.
The permanent residency card will grant them the same access to education and healthcare in government institutions as Qatari nationals.
According to the latest leak, Samsung Galaxy A91 may launch in India at the end of this year.
Xiaomi India has just unveiled it's latest flagship killer- Xiaomi Mi 10 5G smartphone in India.
Honor has just launched the Honor 9A smartphone for the global markets and the price starts from €149.90 (US$ 169.6 / Rs. 12,810). Read on to know more.