Snapdeal board rejects Flipkart's $800-mn buyout offer

SoftBank has been proactively mediating the sale for the past few months

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