People were eagerly waiting for the merge of Snapdeal and Flipkart. But talk between the two rivals have taken a different turn as they have hit another hurdle. According to a media reports, Jasper Infotech owned, Snapdeal board has refused the initial offer. E-commerce major, Flipkart has completed the due diligence process and has made an offer of $800-850 million to buy Snapdeal. But Snapdeal’s board felt that offer made by Flipkart undervalued the company.

Commenting on the development, one of the source told PTI, "The first offer has been rejected but talks are still on. It is an ongoing discussion."

Snapdeal's largest investor, SoftBank has been proactively mediating the sale for the past few months.

Earlier this month, IndianWeb2 reported that Flipkart has completed its due diligence and has found everything okay and clean, but Flipkart has still not come back with a final number for the Snapdeal acquisition.

With the time ticking, if the deal doesn’t goes through in the next few days, the flailing Snapdeal’s board would have no choice but to either extend the timeline on the acquisition or start from the scratch again by putting the ecommerce site on the For Sale window again.

The merged entity is expected to give a major push to the current cut throat competition going on between Jeff Bezos’ Amazon and India’s very own homegrown e-commerce leader, Flipkart.

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