Snapdeal needs 75% shareholder with Flipkart Snapdeal will require the approval of at least 75% shareholders of the company for the proposed merger with Flipkartto go through, people familiar with the matter said. This means a ‘yes’ from the investors and founders on the board of Snapdeal alone would not be sufficient for the deal to close. Sources told TOI that Flipkart has asked for clearance from all shareholders of Snapdeal, given that there are special payment options being worked out for certain investors like Kalaari Capital and Nexus Venture Partners. “Flipkart ideally wants signatures from all investors, but if that doesn’t happen it would require at least 75% shareholders to give a nod once Snapdeal accepts the bid from Flipkart,” a person aware of the goings-on said. Flipkart has made a revised offer of $850-900 million to the Snapdeal board. The development comes on the back of minority investors — especiallyafter Premji Invest had earlier shot off two letters to the Snapdeal board asking for fair treatment of every investor regardless of their holding in Snapdeal’s parent Jasper Infotech. These communications hinted that minority shareholders were not kept abreast of developments in the merger talks. Since then, the Snapdeal board has been in discussion with other smaller shareholders with the intention of meeting their demands. “Flipkart has made it clear it wants a clean deal and does not want any trouble over this merger in future from any stakeholders. After the
revised offer from Flipkart, discussions with every shareholder of the company is going on to close the deal which has been in the works since early this year,� another person aware of the development said.