Flipkart, Snapdeal to duel over US$100mil valuation gap

BANGALORE: After Snapdeal’s board rejected a takeover offer from Flipkart Online Services Pvt Ltd, the two sides find themselves about US$100mil apart as negotiations continue, people familiar with the matter said.

Flipkart, India’s largest e-commerce operator, is unlikely to raise its offer above US$900mil while Snapdeal is seeking a price of US$1bil, the people said, asking not to be identified talking about a private deal. Talks could drag on for weeks after Snapdeal rejected an offer of US$850mil as too low, the people said.